Tax Returns - What Is A W2 Form

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If you are an employee, that is earning salary from someone, you should receive a form W-2 from the employer. The form is a "Wage and tax statement" for the year. In order to file tax returns for 2007 you must whether include a W-2 and in case the W-2 is not received by you on time you will need to use form 4852 as a substitute.

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o As an laborer you must receive a form W2 from the employer no later than Jan 31 st. Keep a track of where all you worked while a year and secure W-2 for each job.

o The income will be entered in "box 1" of the W-2. To compute total wages for any year you need to add the box 1 amounts of each W-2 form.

o Then when filling the tax return insert the total whole earned on form 1040, 1040A, or Form 1040Ez.
The format of a W-2 depends on how the employer processes the payroll. Any way the content of every W-2 remains the same.

In order to prepare taxes efficiently it is advantageous to known and understand the w-2.

* Boxes A to F of the W-2 are unique identifications:

* Box A represents the control whole and the code, exact to you is assigned by the payroll system.

o Box B is the employer's tax identification number.

o Box C records the employer's name, address, and other relevant information.

o Box D: This is your collective protection number. All the time check that this is correct.

o Box E records your personal details, your name in full.

o Box F gives your permanent address and new address.

o Boxes 1-10 of the W-2 detail systematically your wages as well as tips, bonuses, and so on; federal income tax withheld by employer; the collective protection wages; collective protection taxes withheld; Medicare wages; Medicare taxes; collective protection tips; allocated tips; improve Eic payment; and dependent care benefits.

o Boxes 11-20 detail: non distinguished plans; payment benefits; laborer status: statutory employee, resignation plan, and third party sick pay; detailed tax information; state and state employer's Id; state wages; state income tax withheld; local wages; local income tax withheld; locality name detailing state taxes.

o Box 12 of the w-2 details all the different compensations and benefits like uncollected collective security, uncollected Medicare, salary deferrals, resignation plans, and so on.

o The collective protection supervision will receive copy A of W-2 directly from the employers. The Ssa will in turn send relevant details to the Irs. Copy B of the W-2 is to be attached by you to your Federal tax return. Copy C of the W-2 is to be filed and kept by you along with other tax documents for a minimum of four years. Copy 1 of the W-2 will be mailed by the employer to the local state tax agency and copy 2of the W-2 must be filed by you along with your state tax returns. Copy D of the W-2 will be retained by the employer and maintained as record for at least four years.

Detailed instructions for form W-2 are provided by the Irs at http://www.irs.gov/instructions/iw2w3/index.html use of the instructions as well as other online tips such as base errors.

Create a check list that will enable you to check that the W-2 received by you has no errors.

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