A W-2 form can be said to be the form that you receive from your employer every year and a copy sent to the revenue service authority. If you have been paying taxes and you never see the reflection on your paycheck, then you will find this information in your W-2 form. This article is aimed at ensuring that you understand a few things about the W-2 form as an employee.
It is crucial for you to know that the form gives you the information on the much that you earned for the year and the much that was taxable or rather paid in form of taxes. The best thing about the W-2 forms is that once you have them, you can easily file your returns and avoid issues with the relevant authorities.
It is crucial for you to also get that the W-2 form is a compilation of all your payments and not only your earnings; it also encompasses the retirement payments. When looking at the tax aspect, you will find that it revolves a lot of aspects, which essentially means that some of the contributions such as the retirement ones are not taxable.
Since the employers are required by law to send them to you and the revenue authorities, it is not a secret. This goes without saying that even if you get it and shove it in your drawer, there is nothing you gain; in fact, you attract the authorities to send you a letter if you put in wrong information.
There is the need for you to have the forms sent to the employees if you want to avoid trouble with the legal bodies; you may attract penalties. For the employers, you will have to make sure that you have the forms sent in regardless of the method used.
The fact that the employers are also people makes it possible for there to be mistakes. Whenever you find mistakes, be sure to have them corrected as soon as possible.
It is crucial for you to ensure that you have the right information especially concerning your address so that you can receive the forms when they are sent. It does not matter whether you have moved out or started living at a friend’s place, make sure that you have the addresses rightly placed.