An Overview of The W2 Form
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 form has the information regarding the tax withheld from the paycheck of the employee and their income. On this W2 form, an employee will know whether they owe tax or they deserve a refund. An employee who receives this form is known as the W2 employee.
You will be required to fill several pieces information related to the tax in the W2 form. In the W2 form, the employer will be required to file details such as the address and the state identification number. 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. 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 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 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. Discover more on what you should do if the form is not submitted 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. Check here on how the printable W2 form look like. The new, former, and the current employees can use this form. 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. 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!