December 17, 2021Taxes involve a significant transaction for the public management of any State. For this reason, every citizen and foreign resident has the responsibility of filing their tax reports, regardless of their income or their residency status within the country. Taxes are a source of financial strength and help maintain various public services, turning this tribute to the State into a commitment that citizens keep towards public entities.
What Is Form W2?Form W2 lists all income from wages or payments that a person receives under a company's employment or after providing a particular service, along with the taxes that are withheld from said income. Form W2 shows in detail all federal and state taxes, as well as any other type of tax that has been withheld from an employee during the time they provided their services. In short, Form W2 is exclusively meant to file an employee's taxes. It's important to file this form since it will help determine how much you owe the State according to your income during the tax year.
What's the Difference Between Form W2 and Form 1099?As stated earlier, Form W2 lists all the income earned by a company's employee, meaning that the person must be part of the company's payroll. The form's main trait is that it displays the taxes that are withheld from said employee, like social security taxes and/or taxes from a private insurance plan, any taxes withheld by the employer throughout the person's work period, deduced from the employee's payment during the tax year and within a tax period. Through Form W2, the employee can have the Internal Revenue Service (IRS) verify federal, state taxes, or any other tax that was processed in the person's time as an employee.
Where Can I Get Form W2?Typically, the company your work for will provide this form at the end of the tax year or whenever your work contract is done. If you fail to obtain a copy of the Form W2, you can request one from the IRS; if this step seems like too much hassle, you can ask a tax preparer to do it for you since they are familiar with the process of getting a Form W2. A tax preparer will also guide you through everything pertaining to your taxes.
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