An Overview of the Form W-2
The W-2 tax form is the annual statement issued by the employers to all their employees outlining details of the total income for the year that the employee has earned and the portion of income that has been withheld for the federal tax and other forms of income tax. Employers are required to provide copies of the Form W-2 to the Social Security Administration for the purpose of sharing the data with the Internal Revenue Service.
Workers are required to report all their annual earnings from their job or jobs during a particular year. To help facilitate this process, the IRS commissions all companies to provide their employees with a Form W-2, a Wage and Tax Statement, to enable employees to file their taxes at the end of the year. According to the law, the W-2 tax form must be hand-delivered or mailed to the employee no later than January 31st reporting earnings, salaries, and tips earned in the previous calendar year.
Common Problems Relating to Form W-2
1. Not receiving your Form
If you don’t have the form by mid Feb, you should consult with your employer to know the reason. It is advisable to request for a printed copy of the form to take with you home. Otherwise, if you fail to get the Form W-2 by February 14th, you should contact the IRS for help.
2. How to correct wrong information on your W-2 form
In case you find some information that is wrongly showing on the form, you should request your employer to make the necessary corrections. Employers are given up to March 31, to file the W-2 tax forms with the respective Social Security Administration. During this time, your employer can fix any errors or mistakes in your W-2 form before it is filed with the federal government.
3. Employers refuses to issue you Form W-2
First, you are advised to make efforts and convince the employer. If your efforts to have the form are futile, then you should call the IRS using 1-800-829-1040. The IRS advises that you should have the following information ready:
–The employer’s name and complete address, including zipping code, the employer’s identification number (if known), and telephone number
–Your name and address, including zipping code, Social Security number, and telephone number; and
–An estimate of the wages you earned, the federal income tax withheld, and the dates you began and ended employment.
Employers who fail to remit, pay or report employee salaries are a hot button for the federal agency.
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