The tax season is that time of the year that seems to be stressful, but in reality, it isn’t. Your W-2 form shall provide you with most of the valuable information which you need.
Sometimes, your employer might need to provide you with the one, making things a little tricky for you. Do not worry about it; as long as you have your paystub with you, you will be perfectly able to file your last paycheck; all you need to do is follow some simple steps.
In this blog, we shall make you understand how to do taxes with the last paycheck. If you are looking to create a pay stub, your choice is Online Paystubs, which is a 100% free tool to use.
Filing Your Taxes Online
For those still thinking: Can You file taxes with last paystub? The answer is yes, but the best way to do it is online. It is very much possible to use a paystub to file taxes in a simplistic way; you will need to notify the IRS about this and also fill out a 4852 form.
This can be done in the form of a W-2 form. Firstly, it is imperative to remember that you can only file your taxes online under various circumstances. According to the (IRS), the maximum gross income threshold for those who wish to e-file for free with the IRSFreeFile Service is currently $57,000.
If you earn more than a year, you will have to file your taxes by printing and mailing your tax return. You will also be unable to e-file if your age is under 16 years and you have never filed a tax return previously.
If you fit the bill and have an accurate paystub, as well as a decent Wifi connection, then you are good to move forward.
How To File Taxes with Last PaystubThe Absolute Way?
How do you use your last pay stub as a W-2 form? Is it not as puzzling as it might seem? Generally, a pay stub will be able to provide most, if not all, of the information you will need to file your taxes, which you would typically get from a W-2.
Your pay stub will have your monthly or bi-weekly income on it, which is the most vital piece of information the IRS needs. It will also list any tax deductions that might come out of your paycheck.
The tax deductions should be listed on your paystub as an abbreviation next to the total amount deducted. These will generally include Federal Income Tax- the IRS usually withholds this.
Your home state will withhold any state income tax due; this is usually listed on your pay stub as SIT, but this varies. There shall be entries for local taxes, social security taxes, and Medicare taxes.
Medicare Taxes are generally abbreviated as MEDI. Once you have all of these deductions in front of you, you can use them to rate your annual tax payment. For example, if it is a monthly pay stub, just add up these deductions together and multiply them by 12.
Conclusion
Now you know how to do taxes with last paycheck. So, there should not be any problem, but if you land into any kind of trouble, you have this blog at your disposal for your help. Create paystub you can do it with our 100% free to use, Online Paystub.
