When defining a W-2 form, you will find that it is a form that your employer sends to you, and a copy is sent to the revenue service authority at the end of every year. 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.
The first thing that you need to know is that you will need your W-2 to file your tax returns as it tells you how much you have earned for the past year and the much that you have paying in form of taxes. With all these details, you find that it becomes easy for you to file your returns and stay out of trouble with the concerned authorities.
It is also essential for you to know and understand that the W-2 form is not only about your pay but also details other aspects such as the much you have contributed towards your retirement plan. It is only when you have the W-2 form that you can have an easy time knowing the items that are taxable and those that are not.
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.
Given that it is the employers that generate the forms, you will find that they can make mistakes. As the recipient, it is your responsibility to make sure that you have the corrections done as soon as possible to avoid complications.
When looking at the form, you will need to have all the correct addresses so that these documents can reach you whenever they are sent. Even if you move out, it is crucial for you to ensure that you have the address changed as soon as possible.
Finally, the last interesting fact about the W-2 forms is that even if you die, your form will still be sent on the following year after your demise.
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