What Is Form W-2 And How Does It Work?
Let's talk about the IRS Form W-2.
The Form W-2 definition is the Wage and Tax Statement. It is used by the employers to report the salary they paid to their employees, and the taxes, they paid from it. The IRS requires that every company pay for his employer, not in one payment, but split the sum into pieces, and make payments periodically. It is important for the people who employed officially and get six hundred dollars per month or more.
The independent contractors do not taxable this way, as they are not hired. The official IRS website says that it is necessary to file the form before the end of January. It helps the employee to have the good time gap for filing his tax documents before the fifteenth of April. The employer is obliged to share the copies of the W-2s with his employees. Additionally, the document copies are filed to different institutions like the Social Security Administration, filled on the special laser-scannable paper blank.
Other two copies go to the state or city, two more are kept in the employer’s records. It prevents losing the necessary information. It is better to complete the copies of the template electronically.
You will avoid further paperwork and will be able to easily send the form to any institution or person whose earnings it reflects. You may do it using PDFfiller, as its library contains needed forms, and you will have an opportunity for accelerating regulating your document workflow. In addition to that, the electronic copy is printable and perfectly fits the government blank. You may complete one document and print or share it, not spending extra time on all copies.
W-2 Frequently Asked Questions
# What information includes W-2 2018 template?
It is used to not only say how many taxes you withheld from your earnings but also specifies the general amount of your tips, together with wages, and other issues like health insurance payments during your illness.
# I left my job before the end of December. Can I get my W-2 earlier than thirty-first of January?
Actually, your ex-employer can file it together with all others samples but if you send a request for it, then the company should provide it to you within thirty days.
# I’ve got the form, but there is a mistake in it. What should I do?
Notify your boss about this issue as soon as possible. If the mistake concerns the important information — your name or SSN, the new sample will be filled out.
# Do I need to attach this form to some other documents?
Your tax report is supported by the copy of your W-2.
# I realized that my check stub does not fit W-2 wages. Why is it so?
The taxable earnings are different from the total wages. The total sum is not fully taxed, that is why it is higher than taxable one.
# What time period does the W-2 comprise?
Filing at the beginning of the tax year the sample includes the taxes for the previous year, thus the payments you have got during the new one are not included.
# What can I do, if I have not received the form in time?
First of all, remind your employer that you need your copy of the W-2. Your company may not have the correct address. It means, that either they or you made a simple mistake. It is better to get your copy electronically. Send a letter with your contact information or e-mail address to them.
# My employer does not responses to me. Are there any other ways I can get my sample?
Not having a response from your boss, you may apply for the IRS. They will notify him or her to send the copy of the document to you. In an emergency case, you can complete form 4852 instead of it. First of all, send the notification to the Internal Revenue Service. It will prove, that you did everything to get the W-2 sample, but failed, and submit 4852 instead of it.
# Does the retirement payments included in W-2?
No, these payments are filed in the other form - 1099-R.