People are worried whether they will be able to file their tax returns given the global pandemic. But it’s good news that rather than filing for the returns on April 9th, it started on April 20th and will last till June. W2 forms are necessary forms given by an employer to an employee.
It is also known as Wage and Tax Statement, and it is an Internal Revenue Service (IRS) tax document used in the U.S. for recording compensation charged to workers and taxes that are withheld. An employer has to send the filled up W-2 form to a worker by January 31st every year.
This gave the employees enough time to find out how to get W2 form, and file for the tax returns in April. People have to disclose whether they have social security and Medicare expenses deducted from their salaries; it determines the tax returns.
The W-2 document is critical when filing for returns because it has important details. It has lists of different taxes, including federal taxes, state taxes, municipal taxes, etc. Moreover, it includes all the information about what is to be deducted from the gross income and compensation of the workers.
If you have an agreement with your employer and are a part-time or full-time worker, you are eligible for the W-2 form. But the contract employees, self-employed individuals, can’t collect W-2. But their wage details must be recorded in 1099-Misc.
There are two ways of getting your hands on the W-2 forms. You can either check with the Federal Boss Identification Number (FEIN) of your organization Or get a paper copy of your W-2 document from your HR.
This year the dates of the tax returns have been extended till the end of June because of the pandemic.