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Printable Form W-2 2023 Printable Shreveport Louisiana: What You Should Know
In addition to this basic form, which is a standard IRS form, an additional tax form is available to employers that employ workers with incomes above certain threshold levels. The IRS Form W-2 has three parts, the basic one, a self-employment income tax (employee's share at the beginning of the year, plus any employer paid taxes withheld on this amount), an additional self-employment tax that applies if certain other conditions are met (employment income and wages are above these thresholds), and a box for “Optional Additional Information.” The IRS Form W-2 also specifies how an employee can report withholding on their taxes, to be determined by a payment from any of three sources: wages, Social Security, Medicare, or other government social benefits; unemployment compensation payments; pension income; W-2 wages, unemployment compensation payments, or other government social benefits; and retirement payments, lump sum payments, or other pension income (if received in a period before age 59½). The basic W-2 is not only a form used by employees and for collecting required taxes, it is also used to report the income of a sole proprietor, sole proprietorship, partnership (LLC), C-corp (corporate), S-corp (corporate), limited liability company (LLC), or other similar entity. Because some of these entities are not required to disclose earnings to the IRS, the IRS Form W-2 is a useful supplemental information for a worker if an employee's employment earnings from any of these entities are unknown to the IRS. This form also is used for determining whether a worker's income from such business is to be reported in the same manner as income from employment. An individual's tax return, income tax return, or Form 1040 will have the same basic format, complete with the option to change the forms to the W-2 or tax return. The W-2 is slightly different from the standard tax return forms, as described by the following facts for each type of tax return. If a taxpayer wants to change from a standard return to the W-2, the taxpayer may choose to do so. In fact, a change in filing status is often a factor in filing a substitute return, especially when there is an income tax and self-employment tax at the same time. When determining whether to file a substitute return, taxpayers have a number of options available — tax return options that do not require the taxpayer to file the standard return on a specific date.
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