At the end of each year, the employer is supposed to send to the employee and the internal revenue service a form called W2. This W2 form has the details of the total earning of the employee and the tax that has been withheld from the 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. 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. 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. View here for more details on how each box on the W2 form is filled.
The W2 form is supposed to be filled for the earning that one earned the previous year. The employer is required to prepare the form and make a submission before 31 of every January. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. What happen if you are late in submitting? Click here for more.
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. Click for more on how the form looks like. The printable form is suited for the current, former, and new employees. For comprehensive details about THIS form, learn more on this site.
The W2 is one of the several forms related to the taxation of the employee. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Before an employee on contract can commence a job in a company, they will be required to fill the w9 form. The earning and deduction of the employee is shown on the 1099 form. There are many more forms than the IRS require the employee to be prepared, check it out!