The Internal Revenue Service requires all employers to report wages paid to their employees and taxes withheld from their pay. It not only helps the IRS calculate the worker’s taxes, but it also ensures that the employee pays taxes on all levels of income such as tips and other compensation outside of their salary. As…

Every employer is required to report the wages paid to employees and taxes withheld from their pay by using the W-2 Form. If you fail to file the W-2 or fail to file it on time, there is a $50 penalty for each instance you did not complete the form as an employer. However, there…

The IRS requires every employee to complete a few forms including the W-4, Employee’s Withholding Allowance Certificate. Unlike the W-2 Form which reports the wages and taxes of the employee, the W-4 Form allows employers to withhold taxes from their employee’s paychecks. This is because the IRS wants every taxpayer to pay their income taxes…

The Internal Revenue Service (IRS) has a lot of requirements upon employers regarding their employee’s earnings. Each employer has to submit a W-2 to report the wage and salary information of employees. The sole purpose of W-2 is to ensure every employee’s earnings throughout the year so that they fill the right tax brackets when…

The Internal Revenue Service or any other agency of the federal government for that matter offers every document that you need to do your responsibilities for free. When it comes to the Form W-2, Wage and Tax Statement form, which reports the wage and salary information of each employee a company has along with the…

Form W-2 is the Wage and Tax Statement form that every employee receives from their employer. The form is also must be sent to the Internal Revenue Service at the end of each year for every employee an employer has. The form basically reports the employee’s annual wages, including tips and the amount of taxes…