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 get this form is known as the W2 employee.
In the W2 form, there are several pieces of information that you will be required to fill. 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. 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 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. It is recommended that they consider the printable form. Check here on how the printable W2 form look like. You can use the printable form for the new, current, and the former staffs. Click here on more details about this form.
Beside the W2 form, there are other forms relating to the tax. The amount of money that is withheld from the employee paycheck is indicated in the w4 form. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. Another important form that you should know is the 1099 form that shows the deduction and earning of an employee. To discover more information about these tax form, click on this page.