Understanding Your W2

Preparing your taxes

As February gets into full swing, you might be getting ready to handle your taxes for the year. Our trusted tax professionals are here to help, but you’ll need your W2 before you can dive in!

Essentially a summary of your income and tax payouts for the year, your W2 contains a lot of information in a small amount of space. So what do you need to know?

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Why Do You Need Your W2?

A W2 shows how much you earned from a job, as well as how much you paid throughout the year for state and federal taxes, Social Security, and other programs. If you had a job, you need a W2; you should receive one from each of your jobs. The figures will vary based on the allowances you claim on your W4; our Sacramento area team can help you break the numbers down.

When Do You Get Your W2?

You should receive your W2 by some time in February, so keep an eye out for it. If you haven’t received it by the middle of the month, mention it to your employer and, if need be, request that it be issued again. Note that some states allow for paperless documentation, which will require you to download your W2 rather than receiving it through the mail.

What is Your W2 Used For?

Essentially, yoru W2 provides the key data you need for filing your taxes. For simple taxes, you might be able to simply drop the figures into the worksheet like a paint-by-numbers activity. If you have other income, gains, or investments, or if you owe significantly on your taxes, though, you might need an expert’s opinion to get things in order.

If you’re ready to put your W2 to work getting your taxes in order, we can help! The Paramount Tax Relief team can lend a hand this tax season no matter where you’re located, so be sure to contact us by calling (916) 533-9940 today.

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2019-02-11T13:40:03+00:00 February 11th, 2019|
Paramount Tax Relief

Paramount Tax Relief