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Form W-2 - Tax Forms - 1099 and W2 IRS Tax Forms | Buy Tax Forms

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Form W-2

The IRS makes it mandatory for all employers to report both the wage and salary of all of their employees by using a form by the name of W2. The W2 dorm shows the amount of federal, state and any taxes for that manner that come out of your paycheck. The information that is found on the W2 is what employees have to use when they are filing their tax returns. To insure that you are able to file your taxes by the deadline the IRS makes it so all employers must have the form sent our no later than January 31st.

W2 and Withholdings - The only people who are going to receive a W2 form are those who are classified as employees. Those who hold the title independent contractor or self-employed will not receive a W2 but instead they will receive a 1099 form.

The W2 form is going to be separated into various boxes which will all contain different numbers that relate to your wages. The box 1 option will tell you the annual wage you have earned and the box two section will tell you how much federal taxes you have had withheld from your pay during the entire year. However, due to the fact that only some of your income is related to social security tax you will find that will be the small amount that can be found on box three of the form. Other miscellaneous boxes that you will find are Medicare tax and other taxes that have to do with state tax withholdings.

Importance of Withholding - When your employer withholds any amount of money from your paycheck for federal income taxes you will find that the money is remitted to the IRS. The reason it is done like this is so you don’t have to be held accountable for paying your taxes on time. However, when you are preparing your annual federal tax return for the year all of the withholding amounts will be deducted from your outstanding tax bill. When this is done you will then find out whether you still owe taxes or will be receiving a refund. Additionally, if you are filing state taxes as well you will find they are filed the same way as the federal taxes.

Verifying Your Identity - The information section on the W2 is mainly used to track. However, if the income you are claiming does not match the information on the W2 you can expect to have to explain to the IRS the reasoning behind it. Not to mention the fact that to further verify things they will be looking at the reported payment amounts on your employers corporate tax returns as well.

Overall, when the IRS gets your W2 they will now whether you owe tax and you can expect to be contacted if you have chosen not to file a tax return. Furthermore, if you see that your name or social security number is inaccurate on your W2 you will need to have your employers correct the mistake immediately.

Attach Your W2 - Once your tax returns have been completed and you are ready to file them you must attach your W2. However, if you are filing electronically through a provider such as Turbo Tax they will automatically send your W2 to the IRS with your tax return. But, if you are mailing in the returns you must make a copy of the W2 form and have it at the beginning of the return.

 

 
 
 
 

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