W2 Form 2021
W2 Form 2021 is an Wage and Tax statement is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. A W-2 reports employees’ annual wages and the amount of taxes withheld from their paychecks.
A W-2 Form employee is someone whose employer deducts taxes from their paychecks and submits this information to the government.
W-2 Form 2021 – Highlights
- Form W-2 reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns.
- Employers use W-2s to report FICA taxes for employees.
- The IRS also uses W-2 forms to track individuals’ tax obligations.
Who Files Form W-2 Form?
An employer is legally required to send out a W-2 form to every employee to whom they paid a salary, wage, or another form of compensation. This does not include contracted or self-employed workers, who file taxes with different forms. The employer must send the employee the W-2 form on or before Jan. 31 each year, so that the employee has ample time to file income taxes before the deadline (which is April 15 in most years).
Note : The 2020 federal income tax filing due date for individuals has been extended from April 15, 2021, to May 17, 2021. Payment of taxes owed can be delayed to the same date without penalty. Your state tax deadline may not be delayed.
How to File Form W-2 Form
If you are an employee of a company and will receive a W-2 for your income taxes, it will be sent to you automatically each year by your employer. Your employer will also submit a copy of your W-2 with the IRS.
The information provided on Form W-4 (or sometimes Form W-9) when you are first hired provides the information your company needs to keep track of payroll, tax withholding, employer-provided benefits, and pre-tax contributions to things like a 401(k) retirement plan. The W-4 form tells the employer the amount of tax to withhold from an employee’s paycheck based on the person’s marital status, number of allowances and dependents, and other factors.
When you prepare your income taxes, you will need to input the data found on your W-2 into a Form 1040 individual tax return, either by hand or electronically. Online tax preparation software now allows you to directly import the information on your W-2 from your payroll provider in many cases.
Download PDF of W2 Form 2021 from www.irs.gov using the direct download link given below.