When you are employed, you will receive a Wage and Tax Statement, also called a W-2 form, from your employer. It is simply a tax form that takes a look at your total earnings to determine which taxes you are obligated to pay. In the United States, employees are subject to Social Security taxes, Medicare taxes, Federal taxes, and (depending on the state) State taxes.
W-2 forms are essential to filing your taxes and must be given to you by your employer before a certain date each year. If you lose your W-2 form, it’s not great, but it’s not the end of the world. You have options. It is just important that you get a new one as soon as possible.
You can obtain a new W-2 form by simply requesting one from your employer. In some situations, you may have to call the Internal Revenue Service. If you do that, you will have to provide them with information about yourself (such as your Social Security number and your gross wages) as well as information about your employer. You may also file a substitute for the W-2 which is a form from the IRS called Form 4852.
If you have any questions about filing or losing a W-2 form, contact an experienced certified public accountant today.
Werdann DeVito LLC is an experienced Certified Public Accountant firm serving clients throughout New Jersey with all of their financial needs. If you need quality assistance with accounting, tax, or consulting services, contact Werdan DeVito LLC today.