The IRS Form W-2 (Wage and Tax Statement) is filed by employers to report the wages paid to employees and taxes withheld. This sample Form W-2 walkthrough covers the main elements and how they are reported on Form 1040.
IRS Form W-4 is a withholding certificate that an employee provides to their employer. The certificate let's the employer know how much federal withholding tax to deduct from the employee paycheck.
U.S. employees receive a Form W-2 at the end of each year which reports their wages, federal income taxes withheld, and payroll taxes withheld. In cases where the Form W-2 is unavailable, a substitute form can be prepared.
This article and video tutorial cover the new updates to the 2022 version of the Form W-4 withholding certificate.
Many taxpayers wonder whether they need to file an income tax return each year. If a taxpayer has any gross income, it is generally recommended to file a Form 1040.
Losing your W-2 is never a good thing when it comes to preparing your tax return. If you are missing a W-2, you have a few options to try and recover the information.
S corporation shareholders are generally allowed to deduct the health insurance premiums paid by the corporation. However, there are special reporting requirements which must be followed. This article and video discusses those reporting requirements.
