Tax season is a period stretching from January through mid-April of each year. Typically, most people file their income taxes during this time, but doing so without a W2 can be difficult.
Learning how to use a paystub to W2 converter can save you a lot of time and headaches when you’re looking to file taxes.
If your employer hasn’t distributed your W2 records and it’s time to file your taxes, take the initiative and get the job done yourself. Follow this guide to converting your pay stubs into a W2.
Pay Stub to W2 Converter
A W2 is a form that reports a payroll employee’s annual wages. This breakdown of taxes that the employer withheld from an employee’s paycheck results in the return or payment of yearly taxes.
You can calculate your wages online by collecting your final pay stub for the year. This document will include all the financial information from your current earning period and additional financials dating back to January.
Although this is a great way to keep your information in order, you may need to provide details concerning 401K or insurance premium information. Subtract these numbers from your gross taxable wages to reflect accurate W2 records.
A pay stub to W2 converter handles all of this information and more with ease. A simple press of a button will introduce you to fillable information tables that help collect and streamline a payroll employee’s documents.
Skip the process of waiting for your employer and use a pay stub to W2 converter to take matters into your own hands.
What is a W2 Form and Why is it Important?
The Internal Revenue Service (IRS) requires any individual looking to file taxes to report wage and salary information using a W2 form.
Employers use a W2 tax form to provide detailed information like earnings, tax withholdings, benefits, and more. Calculating total wages involves a combination of federal, state, and other taxes that have been withheld from your paycheck over the year.
Various boxes on a W2 form provide a detailed summary of an employee’s work. Each box is designed to show a different aspect of your financial situation.
These unique documents need to be submitted before tax season ends to avoid a Failure to File Penalty. A pay stub to W2 converter can save you anywhere from five to 25 percent of unpaid tax liability for each month the return is considered late.
Additional refusal to pay these fees could result in serious actions from the IRS.
Instant Online W2 Generator
If you’re a business that doesn’t have the required documents to file taxes, a pay stub to W2 converter can help.
There are a lot of simplistic W2 generators online that can create your form in two minutes or less. This form is automatically filled with accurate calculations and ready to be sent to employees. All you have to do is provide your company and employee information and wage details.