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Essential Things you Need to Know about the W-2 Form
Many people do not like the tax season for reasons better known to them. The seasons come with so much stress for some. Lack of preparedness is usually the main reason for this. You need to know about even the smallest details when it comes to filing of taxes.
Unfortunately, many people wait until it is too late to start figuring out issues about the taxes they need to sort out. If you have ever been an employee, you know that every year around January there is a form with several tiny boxes, which comes in the mail for you. The form is referred to as a W-2 form. If you made at least $600 from an employer in a year, they are legally obliged to send this form to you.
Initially the form was referred to as the wage and tax statement. Information about your compensation by the employer is detailed in the form. The form is vital because the data in it will determine whether you are getting a refund or writing a check. Detailed below are some things you ought to know about the form W-2
The form is Necessary for Filing Returns
When doing your taxes, you need to know about a variety of forms. Form W-2 is one of the forms you need to know. This form is essential when doing taxes. In the form, you will find information in how much your employer paid you in the past year. Additionally, it will tell you the amount you have paid in taxes during the past year. There is a lot of information you need to fill in the W-2 as you do your taxes.
It has to do With More than Payment
Of course, your W-2 shows the amount you made in wages and tips. However, it also deals with a variety of other stuff. Some of these things include the contributions you made towards your retirement during the year and amount paid towards health insurance by your employer.
The W-2 form is Not a Secret
Your employer has a legal obligation to send the form to the relevant parties. That means, you cannot get away with any taxes you need to pay by simply hiding the forms. The only thing you are likely to experience is many letters from the IRS, which will only stress you the more. You are likely to get some letters from your state too if you have to pay income taxes.
Employers need to furnish the Forms by January 31st
The government requires that employers send the W-2 forms to relevant parties latest by January 31st. By week one of February employees need to have their W-2 forms in the mail. Employers only need to create the form using a W-2 form generator online, after which they can mail the forms.
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