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 a number, we never get started on the tax process until we have our W-2. After we argue, it is that information on the W2 form that we require for us to start preparing our tax returns.
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. This post is dedicated to help with the need to have an idea on how you can actually calculate your W2 wages from a paystub. Let’s dive right in.
First and foremost, we will see the differences there are between the W2 and a paystub. 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. Read on and find out more on the things that differentiate your paystub, the final paystub and the W2 as have been highlighted in the following lines.
We start with a look at what a paystub is. Primarily a paystub is just but that paycheck you receive from your employer every time you get paid. Some of the details of information you will have on the paystub will be such as your income, in which case are such details as how much you managed to earn for that particular pay period and the year-to-date payroll. Added to this, you will as well see your paystub having such details or particulars about the deductions and taxes that will have been taken off your particular total 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.