Tax season is one of the most dreaded time of the year. Unlike what many people believe, that you need the W2 form to calculate the tax returns if you do not have the form, there is no need or you to wait forever because the same information that will come with the W2, you can get from none of your paystubs. Here is how you go about the calculations.
The first step will be understanding the difference between the paystub, the W-2 and the final paystub because he can get confusing especially if you are not familiar with the tax process or the payroll. The paystub is what you get every pay time or rather the paycheck, that has the total amount that you’ve made during that period, the deductions and the taxes withheld from the net gross and the net earnings too.
There is then they final paystub that will have the total annual gross and net earnings. The W-2 form then shows the total federal and state taxes withholdings from the paycheck. This form also have information on the total amount that you have made prior to the taxing and the deductions and after, and all this you can still get from the paystub.
Whilst the paystub may not be exactly the same as the W-2, it still has all the information that you need. Before the taxes withholdings and the deductions, there is the total amount that you make all year which is the gross income and is the first thing that you fond. The paystub still have this info, together with the commissions, the bonuses and the overtime hours. Subtracting the non-taxable wages will be the next step here. Find more here: https://www.paystubcreator.net/blog/how-to/how-to-calculate-w-2-wages-from-a-paystub
You will add up all of them, which may include disability wages, the employer insurance, the partnership income or gifts and then subtract from the gross income. The next thing you subtract will be the deductions. You will then determine the total local, income and federal taxes that are usually withheld from your earnings each year. Multiplying these with the number of times that you get paid in a year will get you the number that you did. Finally to get the W-2 wages, you will then subtract this total from what to go after subtracting the non-taxable wages and the deductions. There is no need to wait for the W-2 when you and do this easily and fast.
Gather information from this link: https://www.huffingtonpost.com/aryea-aranoff/what-everyone-should-know_1_b_8229508.html