- Taxes

W2 Form – A Simple Yet Useful Guide

Tax season is around the corner, which implies that taxpayers are trying hard to get all their financial records and documents in order with the expectation that their refund will be as big as possible.

But, the time when you begin to file your taxes, there are a couple of various documents that you will need to access with one of the main ones being the W-2 Form.

W-2 Form: What is it?

  • The W-2 form is the type of tax form that a business owner must send to (1) his employee and (2) the Internal Revenue Service (IRS) towards the end of the financial year.
  • The W-2 form reports (1) an employee’s yearly wages and (2) the amount of taxes withheld from his or her pay check. Your W-2 also reports the amount of federal, state and other taxes withheld from your pay check.

Who Has Access to W-2’s Online?

  • Not all the taxpayers will be able to get their W2 form online. Only taxpayers who have employers who use payroll services will have online access to their W-2’s.
  • Every employer who pays remuneration, including noncash payments of 600 USD or more for the year for services performed by an employee must file a Form W-2 for each employee.

What to Do If You Find Your W-2 Information Is Incorrect

  • If you find that, there is an incorrect information on your W-2, you must contact your boss to have it fixed. They have to send this data to the IRS who will be expecting you to send data or information that matched the document.
  • Additionally, if your W-2 form has not arrived, yet you must find out what has happened even if it is just a small amount. The IRS will have the W-2 and they will need replies regarding why you didn’t record it.

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