What is Form W-2 |DEFINITION of 'W-2 Form?' form w 2
Download as PPTX, PDF1 like1,992 views
A W-2 form reports the amount of taxes withheld from an employee's paycheck and is required by the IRS for filing federal and state taxes. It details wage and salary information, including federal and state tax withholdings, crucial for calculating tax obligations and potential refunds. Copies of the W-2 must be attached when filing tax returns, whether electronically or by mail.
What is Form W-2 |DEFINITION of 'W-2 Form?' form w 2
- 1. What is a W-2 Form?
- 2. What is a W-2 Form? A W-2 tax form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes. Here are the basics.
- 3. What is a W-2 Form? The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck.
- 4. Importance of your tax withholding When your employer withholds amounts from your paycheck for federal income taxes, those amounts are remitted to the IRS throughout the year.
- 5. Importance of your tax withholding The IRS requires everyone to make periodic payments throughout the year; however, your employer takes care of this for you.
- 6. Click Here For W-2 Form
- 7. Importance of your tax withholding When you prepare your federal return and calculate your tax for the year, the withholding amount your employer reports on the W-2 must be subtracted from your tax bill.
- 8. Importance of your tax withholding Once you perform this calculation, you will know whether to expect a refund or make an additional tax payment. If you file a state income tax return, the same calculation is necessary for the amount withheld to pay your state income taxes.
- 9. Attaching your W-2 When you finish your tax returns and get ready to file them, remember that a copy of your W-2 must always be attached.
- 10. Attaching your W-2 If you e-file using E Federal Tax Preparation then your W-2 information is sent along with your tax return. However, if you are filing your tax return by mail then you to place a copy on the front of your return.
- 11. Attaching your W-2 If you e-file using TurboTax then your W-2 information is sent along with your tax return. However, if you are filing your tax return by mail then you to place a copy on the front of your return.
- 12. For More Information Visit Our Website ….