Every year, the employer is required by the tax law to submit the W2 form to the employee and the IRS. 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. 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 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. 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.
On the form, you are going to find many fillable boxes that are labeled with letter and numbers. Before the submission, employee is supposed to ensure that the relevant boxes are filled. It is the responsibility of the employer to make sure that the form is correctly filled to reflect the earning and the income to be withheld. On this homepage, you will find comprehensive details on how these boxes on the form are supposed to be filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. 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.
If you are an employer, you will need to create a W2 form for your employees. 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. You can use the printable form for the new, current, and the former staffs. For comprehensive details about THIS form, learn more on this site.
It is also vital that you understand other tax document that is related to the W2 form. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. 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. Here, you are going to get a comprehensive guide on different form that is required by the IRS.