When someone is employed and their employer pays them through noncash means, for every amount that exceeds six hundred dollars for that year, an employee is obligated to fill a W-2 form. The form simply indicates the income paid as well as the social security number of the employee, and taxes withheld. When an employee is preparing tax returns for a given year, it is on the W-2 form where the tax withheld is deducted from the tax that is due. There are chances of an employee getting a refund from the Internal Revenue Service if the amount of the income that was withheld was more than necessary. Click this link https://www.thepaystubs.com/w2-form-generator to see more information.
During the filing process, it is wise that every employee knows that the amount on the W-2 form is sent to the Internal Revenue Service by the employer and if the amounts tend to differ with what the employee has filed, the Internal Revenue Service may become suspicious. There are three forms for every employee. The first form is sent to the Internal Revenue Service, the second one is sent to the employee while the third one is kept by the employer for record keeping.
The W-2 form must be completed by an employer and then sent to the employees by mail on or before January 31st. The Internal Revenue Service has also set a deadline for submission of the W-2 forms by employees on February 29. There are six copies of the W-2 form. Shown below is the breakdown of the six copies. Witness the best info that you will get about w2 form website.
Copy A is the first one and this copy is usually submitted by the employer to the Social Security Administration. Copy B is the second one and this copy is sent to the employee for purposes of filing federal income tax returns. The third copy, Copy C is also sent to the employee for purposes of own record keeping. The other copy, Copy D is retained by the employer for record keeping purposes. The second last copy known as Copy 1 is sent to an employee so that the employee can file for state or local income tax if at all there is any. The sixth copy, Copy 2 is meant to be the employers copy so as to file for state or local income tax returns, if any.
To conclude, the process of filing for income tax returns should be done with caution by both employees and their employers. This is due to the fact that if either fails to play their role, they can be met with serious consequences coming from the Internal Revenue Service. All employees entitled to wages and salaries must fill the W-2 forms and submit as required to avoid getting penalized. Explore more wisdom about w2 form https://www.huffingtonpost.com/2013/04/02/lost-w2-missing-new_n_3000274.html.