Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the paycheck. On this W2 form, an employee will know whether they owe tax or they deserve a refund. The W2 employee is the one who receives this form.
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 income details of the employee will be needed in the form. click here to learn more on the details that require from the employee to identify them as the taxpayers. On this page, you are also going to learn more on what you should do once you have received the W2 form from the employer.
The W2 contain boxes that have both letters and numbers. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. They must ensure that they have correctly filled it to reflect the income and the tax withheld. On this website, you will learn more about how the boxes are filled.
It is necessary to be aware that what is filled on the form is the earning of the last year. The form must have been prepared and submitted to the employee before the end of January every year. Before 15 April, the employee is supposed to have filled the necessary details and also do the verification. Learn more on what happens if you do not fill the form 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. Check here on how the printable W2 form look like. The new, former, and the current employees can use this form. For comprehensive details about THIS form, learn more on this site.
Beside the W2 form, there are other forms relating to the tax. W4 is used by the employer to determine how much tax they are supposed to withhold from the employee’s paycheck. If you are a contract employee, you will have to fill the W9 form from the day that you start to work for the company. On the 1099 form, you are going to see information regarding the earning and the deduction of the employee. There are many more forms than the IRS require the employee to be prepared, check it out!