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 W-2 form is the form that shows the amount received, taxes withheld and also an employee's social security number. 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. In case the amount withheld from an employee's income is more than necessary, it is possible for the employee to get a refund from the Internal Revenue Service. Go to the reference of this site for more information about w2 form homepage
It is important that employees know that the amounts they file should match with the one on the W-2 form sent to the Internal Revenue Service as failure to match them can lead to suspicion for them. Every employee has three forms. One form is kept by the employer for purposes of record keeping, the other one is sent to the employee while the third one is sent by an employer to the Internal Revenue Service.
The deadline set by the Internal Revenue Service for employers to send to their employees the W-2 forms is the thirty first of January. All submissions should be done on or before February 29 as that is the deadline set by the Internal Revenue Service. There are six copies of the W-2 form. Written below is how the copies are broken down. To read more about the w2 form check it out!
Copy A is the first one and this copy is usually submitted by the employer to the Social Security Administration. The second copy is also known as Copy B is sent to the employee so that they can file federal income tax returns. The third copy, Copy C is also sent to the employee for purposes of own record keeping. Copy D, also the fourth copy is known as the employer's copy which they keep for record purposes. There's a fifth copy is known as Copy 1 which the employee files for purposes of state or local income tax returns if 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. There can be serious consequences that may arise if either the employer or the employee fails to play their part right. All employees entitled to wages and salaries must fill the W-2 forms and submit as required to avoid getting penalized. Pick out the most interesting info about w2 form https://en.wikipedia.org/wiki/Form_W-2