* What is a W-2 form?
The W-2 is a form that an employee receives from his or her employer once a year. It is also sent to the IRS at the end of every year. The total annual wages paid and the taxes that the employer withheld from each paycheck are shown on the W-2 form. Federal law states that the W-2 form must be mailed by January 31st of each year.
It consists of six copies:
Copy A Submitted to the Social Security Administration from the employer.
Copy B Sent to the employee to be attached to the federal income tax return when it is filed.
Copy C Sent to the employee to be kept for their records.
Copy D Retained by the employer for their records.
Copy 1 Sent to the employee to be filed with the state or local tax if required.
Copy 2 Also sent to the employee to be filed with the state or local tax return if required.
* What is a W-4 form?
The W-4 form is usually filled out by an employee whenever he or she starts a new job. It tells the employer the right amount of tax to be withheld from each paycheck and paid to the government.
You should review your federal and state withholding information...
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