What Is Form W2?

December 17, 2021

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Taxes 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.

Know What is Form W2 With Our Tax Preparer
There are several types of taxes in the U.S., and each of them is filed through forms that correspond to the taxpayer's trade or commercial nature. One of the most important forms on this list is Form W2, so let's see what this form is about and why it's so important when it comes to filing your tax returns.

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.

Employers, on the other hand, have to present their employee's salary information and the taxes they withheld on Form W2, whether via email or through the Social Security Administration (SSA). If you own a business and act as an employer, you must present this form to your employees at the end of the year or upon the completion of the employee's contract. It's important to note that if you provide services as a contractor, third-party fees or for any independent work should be filed on Form 1099.

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.

Know the Differences Between Tax Form W2 and Form 1099
On the other hand, Form 1099 lists each fee and commission income that you've been given as a contractor or independent worker. This includes people outside of a business payroll, hired independently to conduct a particular task. We need to point out that Form 1099 only registers the total income -excluding tax deductions- that results from an independent job, meaning that the contractor is responsible for paying their taxes to the IRS according to the calculations placed by this form.

There are other forms listing different types of income, either from investments, pensions, rent, or others. These must be added to the conditions mentioned above if you want to file your taxes correctly.

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.

Get Help from the Best Spanish-speaking Tax Preparation Service

Tax season is on its way, and what better way to get ready for it than by asking the best Spanish-speaking tax preparation service. You can get all the information you need about the Form W2 in your own language, along with the timely assistance of a professional tax preparer to guarantee that your taxes are filed without a hitch.

Tax Preparer Online Helps With Tax Form W2
When you hire a tax preparer with United Tax & Accounting Group, you'll get a long list of benefits, starting with a tight schedule that will ensure all your payments are completed on time (individual income taxes, state taxes, local taxes, commercial taxes, etc). We will help you maximize your deductions and minimize your tax obligations.

Don't put your taxes in the wrong hands! Come to the best tax preparation service in Miami, Florida. Call (786) 431-5576 or fill out our website's contact form. We'll be happy to assist you with anything you need so that you find no trouble while filing your induvial and business taxes.

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