Payroll Tax Forms

As far as payroll goes there is really only one form that you need to worry about as an individual. The form that you need to know about is a W-2.

When you sign up for a job you fill out a form to tell your employer how much money you want withheld from each check. Due to the fact that you can chose to have more or less money taken out of each check at the end of the tax period you may still owe more income tax or you may be due a refund from the state because you overpaid for that tax year.

How a W-2 comes into this is that when you work all year you and the Internal Revenue Service will be given a W-2 by your employer. This W-2 is a statement that shows how much you made, how much you paid into the different taxes, and also identifies you as a tax payer.

You use the W-2 to fill out your income tax form. Since you only have to pay in a certain amount to income taxes each year this form will help you figure out whether you have paid enough or not, or even if you have paid too much. After figuring out how much you have paid and how much you need to still pay you will know how much to send into the Internal Revenue Service along with your tax form. If money is owed to you by the Internal REvenue Service then when you send in your paperwork you will receive a tax refund by check or direct deposit within a set amount of time.

If your employer does not provide a W-2 to you at the end of the tax year you need to contact them as they are required to provide you with this. If they do not it may mean that they are trying to get out of having to pay their own taxes or simply that they may have forgotten. If they refuse to give you one you need to contact the Internal Revenue Service immediately to try to resolve the issue.

A W-2 is an integral part of working and paying taxes. You need to keep these on file just in case something happens and you get audited.