W2 Form 2022 – IRS.gov/FormW2 provides the most up-to-date information on events affecting Forms W-2 and W-3 and their instructions, such as laws adopted after they were first published.
What’s New in this Version?
Tax relief in the event of a disaster. Those who have been impacted by recent calamities may be eligible for disaster tax relief. Please visit the IRS.gov/DisasterTaxRelief website for additional information on disaster relief efforts.
Penalties have been raised. Since the beginning of the year, fines for failure to file and failure to furnish, as well as penalties for willful disregard of filing and payee statement requirements, have risen in accordance with inflation. The increased penalty amounts will apply to returns that must be filed after December 31, 2022, but before January 1, 2023.
What Is W2 Form 2022: Wage and Tax Statement and How Do I Use It?
This document, also known as the Wage and Tax Statement, is required to be sent to each employee as well as the Internal Revenue Service (IRS) at the end of each year by employers. The W-2 form provides information on an employee’s yearly salary as well as the amount of taxes deducted from their paychecks. In the case of W-2 employees, their employer deducts taxes from their paychecks and then reports this information to the IRS.
In what ways does the W-2: Wage and Tax Statement provides information to you?
Every W-2 has the same information, regardless of who is filing it. Because workers are required to submit taxes on both the state and federal levels, W-2 forms are separated into two sections: state and federal. Some fields ask for information about the employer, such as the company’s Employer Identification Number (EIN) (federal) and the employer’s state identification number (state ID number). For the most part, the remaining fields provide data on the employee’s earnings from the prior year.
Total profits from the employer for the year are recorded, as well as the amount of taxes withheld from each employee’s paycheck, which is broken down into withholding for federal income tax, Social Security tax, and other types of withholdings. An additional entry indicates how much money the employee made in tips throughout the year if the employee works for tips as well.
Working numerous jobs that give W-2s requires you to enter each one individually into your tax return.
It is deducted from the employee’s taxable income when they submit their taxes, the amount of tax withheld based on the W-2 form is subtracted from the employee’s taxable income. A refund will be granted if more tax was withheld than was payable.
Furthermore, the Internal Revenue Service (IRS) utilizes W2 Form 2022 to keep track of an employee’s earnings and tax due. A taxpayer may be audited by the IRS if the income reported on his or her tax return does not match the income recorded on his or her Form W2. Even if the income is not reported on a W-2, individuals are obligated to disclose all salary, wage, and tip income to the Internal Revenue Service.
W2 Form 2022 Printable
Download & Print W2 Form 2022 HERE.