Using Paystub to Do Your W-2 Wages
So it’s that time of the year again when we have to do taxes, the tax season and this is one time that sure sends shivers and chills down a number of people’s spine for a fact. For far too many of us, it is not until we have our W2 , that we get started on the tax process. If anything there is the excuse that you need the details on the W2 form to prepare your tax return.
But all said and done what are your options if at all you haven’t received your W2 form and does this necessarily has to be the reason for you to wait for you to get started with the need to prepare your tax returns? By and large, you have no reason at all to halt the process all for the reason of waiting for the W2 form and the details in it for you can actually get all the information on your W2 form from one of your paystubs. See more in this guide to help you with an idea of some of the ways to get calculating your W2 wages all from a paystub. Read on to find out.
There is the W2 and the paystub and these may be mistaken for one other and as such we will seek to tell of the difference there is between them. As a matter of fact, if you happen to be uninitiated in tax processes and the payroll system, then you may sure find these two confusing. In most cases, this often gets to be even more confounding after you have gotten your final paystub as you get to notice that the figures you have on your total earnings will not match up, what is on the final paystub and that you have on your W2. It is as such important to have a clear idea on how these two happen to be different for this is such a necessary and clear distinction to mark. Below we take a closer look at what it is that differentiates the three; your paystub, the final paystub and the W2.
The first we will take a look at is a paystub, what a paystub is. Precisely put, a paystub is that paycheck you are given by your employer when they pay you as regularly as they do. Your paystub will carry some details about your earnings and pays such as the amount that you actually managed to earn for that concerned pay period and as well will detail your year-to-date payroll. Over and above this, the paystub will have some details on the deductions and the taxes that have been off the sum earnings. After all this is done, your paystub will finally show what your net earnings are which are essentially now the actual amount that you get to carry home from the paycheck.