W-2 form is an official tax document also known as the Wage and Tax Statement. An employer is obliged to send this document to each employee and theInternal Revenue Serviceat the end of the year. A W-2 reports the annual wages of employees and the amount of taxes withheld from their paychecks. At the end of a fiscal year, employers are required by law to provide to their employees aW-2 Formwhich contains information about the annual earnings and paid taxes. This form is the most important one for getting a tax refund. The number of W-2 forms should be equal to the number of jobs one had in the USA. Employers are legally obliged to postmark and send the W-2 forms to their employees no later than January 31 of the following year by regular mail. In order to make sure that the employer sends the W-2 form to the right address, it is of the utmost importance to correctly fill out theW-4 form when being hired. The address listed in this form is the address to which the W-2 form is going to be sent. If you do not receive a W-2 form at the end of the year, you can claim your taxes by submitting your last pay slip. Pay slip is a part of a paycheck that remains in your possession after cashing the check. The final paycheck, i.e. pay slip, contains the same information as the W-2 form, which is why it is important to save the final pay slips from all of your employers. Important:Pay slips are not documents intended for filling out a tax return, and filing them out instead of your W-2 form can cause complications and extend the whole refund process. 1042-S form shows the income of a nonresident subject to taxation in the USA. It is used to report amounts paid to nonresidents by an institution or company based in the United States. For example, if you work as a freelancer for an American company, at the end of the year you will receive a 1042-S form from that employer on the basis of which you can make a refund of part of the tax paid. Every US company that employs a non-resident, if it has not signed a Tax Treaty with the home country, is obliged to withhold 30% of the income tax. When hiring, the employer will send you a W-8 form that you are required to complete and send to the employer. It is very important that you provide the correct information on the W-8 form to get the 1042-S. Instructions for filling out this form can be read here. 1099 form is an official document of the IRS. It is used by taxpayers to provide information to the Internal Revenue Service (IRS) about all of the different types of income they receive during the year outside of their regular salary. This type of income is also referred to as income from non-employment-related sources. Taxpayers need to report all of their outside income to the IRS in order to avoid an audit. They can be income from entrepreneurial work or engagement, interest, dividends from investments, government payments, or compensation for freelance work. For the most part, individual taxpayers don’t complete 1099 forms. Payers–financial institutions and small businesses that hire independent contractors– are required to fill out 1099 forms and send them to their payees by early February. Depending on the source of income, there are various 1099 forms: 1098-T form is a form that students receive from the educational institutions they attend. The educational institution submits this form for each individual who has been reimbursed or reimbursed for qualified tuition and related expenses. Students receive Form 1098-T in order to apply for certain educational loans from the IRS. The 1098-T form is for information purposes only and does not directly define taxable income or credit eligibility. Every student is required to report paid scholarships to the IRS at the end of the year.
Income statements - Easy Tax Store (2024)
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