All governments worldwide collect money from their citizens in the form of taxes. The taxes help the government to build infrastructure and development projects to benefit the citizens. In some instances, an employer has to pay taxes on behalf of his employees by taking some y from their paychecks. US residents use the W-2 form to file such taxes. The wages an employee earned in the previous year are in the form This article discusses the essential elements of what you need to know about the W-2 form.
What you received as income in the last year will appear on the W-2 form The forms remain the same regardless of the employer you have. There are two levels of government, which are federal and state. An employee should file taxes on federal and state levels. The details on some sections do not change regardless of the year the employee is filing taxes. However, some keep changing depending on what the employee’s income was in the previous year.
W2 forms detail out all the incomes you accrued. You can fill the total amount you earned from a particular employer. Other areas to fill are the taxes withheld, social security tax and wages, among others. A job that allows an employee to get tips from clients will also have the employer including such income in the employee’s form.
An employer should facilitate the employees to file their taxes. An employer should send the W-2 forms to all employees who received any form of compensation, be it salary, wages or others. An employer should send out W2 forms way before the deadline so that employees file them in time. An employer should help employees beat the deadline by sending forms before the end of January. … Read More...