You are likely not to have the processing of your tax if you have only the w2 form. Whenever you are preparing to have a tax return, you will always need to have the information found on the W2 form. Sometimes you might not have the W2 form, but you can still acquire the same information from the paystub.
If you do not know anything to do with the tax or the payroll, then you might not know what we are talking about when we mention the W2 form and the paystub. It might be more confusing after you have received the final paystub because the total earnings on the paystub will not match with W2 or see more here.
A paystub is a paycheck that you receive from your employer anytime you get paid. The paystub will always show the exact amount of money that you are supposed to receive from your boss inform of your salary and any other amount of money that should be deducted from your salary such as the government tax.
While a W2 form is normally a tax form that indicates all the amount of money that one has to be deducted from the paycheck including the tax every year. It includes the federal and the taxes of the state. It is advisable for everyone in every nation to make sure they have a W2 form every time you are filling out your tax an activity that is carried out once in a year in almost all nations across the world or visit this link for more info.
A w form is different from the paycheck since it indicates the amount of money that one has been deducted from his or her total earnings while the paystub will always show the total amount of money someone makes on yearly basis. W2 form might not give you similar information with the paystub, but the paystub has everything that is needed to help you figure out the overall net income you have made.
Here are some of the things you need to do to calculate your W2 wages from your paystub.
You must find your gross income first. You have to start by doing this. Cross income comprises of the amount of money that someone earns and has not yet been deducted any expenses such as tax withholdings. The paystub will always display the gross income for you.
The next thing to do is deducting all the not-taxable wages. The non-taxable ages should then be deducted from the gross income of someone. The wages that cannot be taxed will include all the money that you earn and do not have any federal, income or state taxes. This may include things such as disability wages, employer insurance, gifts or partnership income. Read this article about income: https://en.wikipedia.org/wiki/Income_tax