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    0 Replies Latest reply on Dec 7, 2018 7:24 AM by davidsmithjd

    How Does the Form W-2 Work?

    davidsmithjd Wayfarer

      The W-2 can be defined as the United States Federal Tax Form. In other words, it is the document, that contains all the earnings and tax withholdings the worker receives every year and also helps to count tax return. The employer completes this sample for his every employee and sends its copies to different governmental and state institutions. One of the copies goes to the employee for him or her to know the correct amounts of the wages and tax payments, paid for them. This rule concerns the employees only. The people, hired as the independent contractors, do not need to file the form, or add it to their tax documents, as they file other templates to IRS. It is necessary to mind the deadline, as the employer needs to file every W-2 form template before the end of January. The date should not confuse you. The January payments will go to the next year’s report. The IRS counts the information you include for each calendar year.


      For example, to avoid creating the massive amount of papers, you should fill out only one paper form, that is filed completed digitally. Share this sample with the employees and governmental institutions.


      w-2 sample

      Form W-2 Sample


      When does the Employee need to Send W-2 to IRS?


      First of all, the worker has to receive the form from the company he works at. In a case, he does not have any W-2 either paper or electronic before the end of February, he should request the employer for it. If there is no answer, but time flies and tax season coming, apply for the help of the Internal Revenue Service. They will notify the employer about your request. Then, your employer will file this document to you electronically or by USPS. The form itself is not sent to the IRS, but it is used to support the tax documents you send to the IRS. The due date to provide the papers for employees is the fifteenth of April.


      What Information Does W-2 Contain


      The small, one-sheet form comprises numerous items and both federal and state sections as the employer pays taxes there. It is available in PDFfiller library. The only thing you need is to open the form and infill the PDF blank with the necessary information. Generally, there are a number of detailed items included in the template:


        1. It starts with the general information about the employer or the company and EIN.
        2. Next, tape in the company contacts and full address, together with ZIP code.
        3. Then go the control number, employees’ last name and initials.
        4. The right-side part includes all income, tips, and salaries paid to the person.
        5. Additionally, provide the Social Security Wages and Medicare payments details.
        6. In front of every payment include the tax withholdings.
        7. Finally, provide the information about the state, you withhold payments.
        8. The saved document is easily sent to any organization or individual by e-mail.
        9. The person may save the printable sample to the internal storage of his device.
        10. There is also the new option that automatically sends your W-2 to the Internal Revenue Service.


      To learn more about the form W-2, please watch the following video: