Benefits of a W-2 Document
Though taxes play a critical role in the running of society, most businesses go through a hard time when the tax season is near. It is worth noting that employees who had switch jobs, tend to face more challenges when determining the tax. Besides, the process of calculating the tax requires an employee to get a W-2 from their previous employers. In this article, we will take you through the steps to follow to get the form.
Employees need to have an understanding of the benefits of the W-2. The W-2 represent a wage and tax statement that outlines the compensation an employee received from their employers over a year. It is worth noting that every employee need to get the form from their employers at the beginning of every year. The form is not issued to every employee, for one to get the form, they need to have received at least six hundred dollars over the year.
When one is issued with a W-2 form; it will be easy for them to know if they still owe the tax authority any tax. The form does not only show the tax an employee owes, but it also shows if one is liable for a tax refund. With the form, it will be easy for employees to determine their earnings. Employees are advised to get the documents since they also assist them in knowing their contribution to their retirement plan, what they paid for health insurance, and if they made any other deductions.
Employees need to pay attention to the following steps when they want to get W-2 forms from their former employers. One of the ways of getting the form is by reaching out to your former employer. The human resource representative can be a liable source when requesting for a W-2 form since they can give you a copy of the form when you need. In exchange with form, employees need to provide their correct address.
The payroll can also be a good source of getting a W-2 form. However, you will have to contact your payroll administrator for them to issue you the payroll. The communication can be through email or phone. Here, you will also be required to confirm the details of your employment with your payroll administrators.
In the event the methods mentioned above does not work well for you, you do not have to worry since there is another way in which you can get your W-2 form. Also, you can contact the IRS to issue you the form. This method also requires employees to provide relevant information about their employers. The other information that you will issue the IRS is your salary and wages. Employees are advised to follow the steps mentioned in this article if they want to get their W-2 forms.