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 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. In the form, you are also going to find the person, and income details of the employee. View here for more about what is supposed to be on the form 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. 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 form must have been prepared and submitted to the employee before the end of January every year. When the employee get the form, they are supposed to fill the required details and do verification before the 15 of April. Learn more on what happens if you do not fill the form on time.
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. A form known as the w4 is used to show the amount of money that has been withheld from their paycheck. Another common form is the w9 which is filled by the contractual employee before they begin doing the job in the company. 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.