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. On this W2 form, an employee will know whether they owe tax or they deserve a refund. 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. 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. 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. The employer is required to ensure that the boxes are filled before they give it to the employee or the IRS. 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.
The W2 form is supposed to be filled for the earning that one earned the previous year. 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. Check here on how the printable W2 form look like. The new, former, and the current employees can use this form. 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. If you are a contract employee, you will have to fill the W9 form from the day that you start to work for the company. 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!