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. On this W2 form, an employee will know whether they owe tax or they deserve a refund. An employee who get this form is known as the W2 employee.
There are various information that is needed in the W2 form. The details of the employee, such as the state identification and address, will be required. In the form, you are also going to find the person, and income details of the employee. Read more here on what is supposed to fill to identify the employee as a taxpayer. Once you receive the W2 form; you are supposed to go through it to identify any error; Learn More about this here.
It is vital to note that the form has boxed that are labeled with letters and number. The employer is supposed to fill the boxes before they submit. They must ensure that they have correctly filled it to reflect the income and the tax withheld. View here for more details on how each box on the W2 form is filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. Before 31 January every year, the company is supposed to have prepared and submitted the W2 form. After receiving the form, you will have until 15 of April to fill your income tax details. Learn more on what happens if you do not fill the form on time.
The employer is the one who is responsible for drafting the W2 form. You should consider the printable form because it makes the process easy and saves you time. Click for more on how the form looks like. The printable form is suited for the current, former, and new employees. To learn more about this W2 form, learn more here.
The W2 is one of the several forms related to the taxation of the employee. 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. 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!