Author: Editor

The Internal Revenue Service has moved the tax filing and tax payment deadline to July 15. This is for easing the financial burden of the taxpayers caused by the coronavirus crisis. With the tax filing deadline postponed, taxpayers have three months in extra to file their tax returns. For this to take effect, taxpayers don’t […]

Wage and Tax Statement, Form W-2 reports income, Social Security, and Medicare taxes withheld from the employee’s salary. It also reports wage, salary, and other compensation paid to the employee. The employee will then use Form W-2 to file a federal income tax return. Because of this, employees count on their W-2 to file a […]

Form 1099-MISC is used for reporting miscellaneous income paid non-employees such as contractors. If you hired a contractor to do some work for you in your business, you are required to furnish them with a Form 1099-MISC—the same way as furnishing employees with Form W-2, Wage and Tax Statement. Both Forms 1099 and W-2 report […]

The tax withholding tables are used by employers to figure out how much tax needs to be withheld from the employee’s pay. The federal law requires all employers to withhold tax from employees’ salary. Since it is mandatory for everyone to pay federal income taxes during the course of the tax year, employees have no […]

Form W-2 and Forms 1099 are used to report income. The only thing that differentiates the two is the type of income being reported. While Form W-2 reports wage, salary and other compensation paid to employees by an employer, Form 1099 reports all other types of income. There are more than just one type of […]

The adjusted gross income or AGI for short refers to the taxable portion of your income. In every case, your AGI will be different than your income reported on Form W-2. So you cannot find AGI on Forms W-2. To find your AGI, you need to calculate your AGI. Therefore, you won’t find AGI on […]

The Internal Revenue Service mandates employees to file a Form W-2 to report wages paid to employees. Regardless of the business, you’re operating or the size of the business, you as an employer must file a W-2, Wage and Tax Statement Form for every employee that is working for you. You can file Forms W-2 […]

Employers are required to report income paid to employees and total taxes withheld from their paychecks on Form W-2. Without this IRS tax form, the employee cannot file their federal income tax return properly. So it is a very important tax form that all employers must complete for every employee they have. That is why […]

American workers can file tax returns as soon as they receive their Form W-2 from their employers. Given the due date for employers to complete and issue Forms W-2 to employees is January 27th, not every employer complies with this. In these cases, the first thing an employee should do is to wait. If the […]

Form W-2 is used by employers to report wages, salary or any other compensation paid to employees. Employers have a deadline to complete W-2 for each of their employees. If the company made payments to freelancers, instead of completing a W-2, employers must file a 1099-MISC form. The use of both forms is the same. […]