Using Paystub to Do Your W-2 Wages
When we come to the tax seasons, chills are all over us. For a number, we never get started on the tax process until we have our W-2. 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? To answer this, you need to know that there is absolutely no reason for you to keep waiting for you can verily find all that information on your W2 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. Here we go with this.
First and foremost, we will see the differences there are between the W2 and a paystub. Like has already been mentioned, it is very easy for one who happens not to be as versed with the payroll system and the tax process to get mixed up with these two. It may even get all the more confusing when you get to receive your final paystub as you will realize that your total earnings will not be equal to what you have in your final paystub and 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.
Here, we get to see some of the basics to know of about a paystub. Primarily a paystub is just but that paycheck you receive from your employer every time you get paid. The details in your paystub will be such as to include your pay, including the much that you earned for that particular pay period and as well will have 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.