Every year, the IRS and the employee is supposed to receive the W2 form from the employer. The W2 for reports contain the details of the annual income of the employee and the taxes that has been withheld from their paycheck. This is an essential form because it is the one that is used to determine whether the employee owe tax or is supposed to get a tax refund. An employee who receives 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. The details of the employee, such as the state identification and address, will be required. Personal and income details of the employee will be needed in the form. View here for more about what is supposed to be on the form to identify the employee as a taxpayer. As an employee, once you get the form, you are supposed to scrutinize it as you look for any error; read more on this site.
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 website, you will learn more about how the boxes are filled.
It is necessary to note that it is the earning of the previous year that is filled in the W2 form. The form must have been prepared and submitted to the employee before the end of January every year. After receiving the form, you will have until 15 of April to fill your income tax details. What happen if you are late in submitting? Click here for more.
As an already stated, it is the employer who is supposed to make the W2 form. The printable form is the most recommended. View here on how it is supposed to 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. 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!