IRS Federal Income Tax Return 2019 Form W-2
A Tax Return 2019 W-2 Form is also known as Wage and Tax Statement Form. It is a document that an employer is required to send to all of their employees and the IRS at the end of the year. This form is used to report the employee’s annual wages and the amount withheld from his or her paycheck for the taxes. The employer is responsible for deducting the amount for taxes and submitting it to the IRS on behalf of the employee, if said employee has filled out and submitted a Form W-2. It may also include other critical information, such as;
I) Deferred compensation
II) Dependent care benefits
III) Contributions to health savings account
IV) Tip income
A tax return 2019 Form W-2 Reflects the income of a taxpayer, which was earned from the prior year.
Employers file tax return 2019 Form W-2 to report FICA taxes for their employees.
IRS uses Form W-2 to track the employee’s tax obligations.
It is an obligation on the employer’s part that they are legally required to send out a Tax Return 2019 Form W-2 to every employee that works for them and receives any form of salary, wage or compensation. This obligation does not cover the contracted or self-employed workers because they must file their taxes with different forms. The employer is required to send out the Form W-2 on or before 31 st January every year. This date is to be followed because it provides an ample time to the employees to view, fill out, and submit the taxes with their relative tax form before the deadline passes. The deadline is mostly 15 th April during most fiscal years.
Employers must ensure that they file tax return 2019 Forms W-2 for reporting FICA taxes for their employees throughout the year. For the previous year, the employers must file before the end of February. They must file Forms W-2 along with Forms W-3 for each employee who carries a Social Security Administration (SSA). The SSA use the information on these forms to properly and accurately calculate the Social Security benefits; the benefits to whom each and every worker is entitles to receive.
The tax documents are filed for the previous year. For instance, if you receive a Form W-2 to file your tax return 2019 in January 2020, it will reflect your income for the year of 2019.
Components of the Form W-2
Regardless of the employer, all tax return 2019 Forms W-2 have the same fields. Since the employers are obligated to file taxes on both levels, that is why the Forms W-2 are divided into state and federal sections. There are fields in Forms W-2 that provide the employer’s information. This information includes the company’s federal level Employer Identification Number (EIN), and the state level ID number. The remaining fields mainly focus on the income of the employees from the previous year.
The total earnings of an employee from their respective employer for the complete year are included on the form. It also contains the amount of money withheld in lieu taxes from the employee’s paychecks by the employer. This amount is further separated into further categories, such as federal income tax, Social Security tax and more. In case the employee also works for the tips received from the clients, a field shows how much money has the employee earned for the year just in tips.
When an employee files their taxes, the amount of taxes which have been withheld in accordance with the Tax Return 2019 Form W-2 are deducted from the said employee’s tax obligation. However, if the tax that was withheld exceeds the amount of owed taxes, the said employee is fully qualified to receive a refund. The IRS uses the Form W-2 to track the income and taxability of an employee. The IRS is also fully capable of selecting an employee for tax audit if the income reported on file tax return of said employee does not match the reported income on Form W-2. It is better to avoid such scrutiny by being forgetful, or by being less than honest because IRS always gets its due one way or another. The taxpayers are required to report all their salaries, wages, tips or any other mode of income which are not reported while filing your tax return 2019 Form W-2.
Relevant Tax Documents
A Form W-4 is needed for those individuals who need it for withholding purposes, such as, an employer who wishes to determine how much money is to be withheld from the employee’s paychecks for the taxes.
The employees who are hired on contract basis must file tax return out a Form W-9 when they start working for the company.
If the contracted employees complete $600 worth of work or more for the company in a year, the company then issues a Form 1099 to them which sows their earnings and deductions.
Students receive a Form 1098 for any year in which they pay interest on college tuition or the student loan.