At the end of each year, the employer is supposed to send to the employee and the internal revenue service a form called W2. The W2 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. In the W2 form, the employe will know on whether they will get the tax refund or they owe the state tax. An employee who receives this form is known as the W2 employee.
You will be required to fill several pieces information related to the tax in the W2 form. Basically the form will be having information regarding the company or the employer such as the address, and the state identification. Personal and earning details of the employee will also be required. click here to learn more on the details that require from the employee to identify them as the taxpayers. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. The employer is supposed to fill the boxes before they submit. The boxes must be filled appropriately to ensure that they are reflecting what the employee has earned and the tax that has been withheld. View here for more details on how each box on the W2 form is filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. The employer is required to prepare the form and make a submission before 31 of every January. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. Discover more on what you should do if the form is not submitted on time.
As an already stated, it is the employer who is supposed to make the W2 form. You should consider the printable form because it makes the process easy and saves you time. View here on how it is supposed to look like. The printable form is suited for the current, former, and new employees. Click here on more details about this form.
It is also vital that you understand other tax document that is related to the W2 form. W4 is used by the employer to determine how much tax they are supposed to withhold from the employee’s paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. There are many more forms than the IRS require the employee to be prepared, check it out!