Because a w2 is a form of tax there are important things that you should know about it. A w2 is the form that employee fill in the month of January and February that contains a lot of small boxes. This article will help you know the essential things about a w2.
The first thing that you should know about a w2 from is that you need your w-2 to do your taxes. W-2 helps you know what you have earned in the past years and the amount of taxes you have paid in those earnings. When doing your taxes, you always need the w-2 to fill the information needed in the form.
The other important thing you should know about a w-2 form is that it is about more than just you pay. It is important to know that the W-2 Cn be able to list for you the what you earned on wages and also the tips. The w-2 forms aids in helping you calculate the amount you contributed on the retirement in a particular year. To be able to know the amount that your employer paid for your health insurance you have to make the decision of filling the w-2 forms.
It is important to know that the w-2 forms are not secretive. Knowing that the w-2 form are not secretive is an important thing because you will have the idea of not exposing you secretive documents.
Knowing that the employer is required to send the w-2 before the end of January is always essential in the payment of taxes. To avoid facing penalties the employers should forward the w-2 forms to the government on January 31. You should know that the IRS give back the form after confirming it and so you should make sure that you get the form on the firs week of February. In the payment of taxes, it is good to know that the employers can end you the form electronically although it is not good.
Knowing that your employer can make errors in the calculation of the taxes is important. You should always be ready to get errs from the tax calculation because your employer can make error at in any given calculation in your form.
It is important to always know the correct address when filling your w-2 form. To should always ask for a copy of your w-2 to verify the address if the w-2 does not show up on the valentine day. Amending of the w-2 form is required if your w-2 shows up after filling the tax returns.
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