Several people will still be confused on how to go about the tax submissions, but there are various ways on how you can simplify the process. When you do not have the latest type of paystub, you can use the previous W-2 form to ensure that you get most details and use it to file your returns. The article highlights the most straightforward way of submitting your taxes using the last pay stubs that you have.
You can download the many paystubs online and source the information to see the amount you’re supposed to pay and even know if you are eligible for a tax refund. There are no illegalities on submitting your tax online using the previous pay stubs. You must, however, ensure that you do it accurately so that the returns can be accepted.
It is easy to file your tax returns when you have the previous pay stub but if you want to do it traditionally, you should ensure that you inform IRS before submitting it. The IRS has a minimum income threshold for employees that may want to file through the online portal and the minimum amount is $57000. When your earnings are more than stipulated above then you should ensure that you submit your returns through printing it and mailing it. If you are under 16, and it is your first time to submit your annual returns then it can be challenging to do it through the e-filing.
Your last pay stub can be used to file a return because it will contain your monthly and biweekly income. Details such as tax deduction will also not miss from you last paystubs. You should go through the various deduction such as the federal income tax, and the local tax income due to help you make the correct amount that is payable. The most straightforward calculation is to add all the deductions and times it by 12 to get the amounts that you are supposed to pay when you are a monthly earner, but if you earn biweekly then you should do the multiplication by 24.
It becomes easy to avoid overpayment or underpayment when you’re using a tax calculator. Most of the online sites will have the tax calculators, and you should use the resources to submit your taxes. Submitting various information to the tax calculator such as the number of dependents and any tips or expenses can ensure that you develop accurate figures.
You should not struggle with making the tax submission as long as you know the amount you owe using the online tax calculators. Using the right resources and putting accurate data from your last paystub can ensure that you are in the right books with the IRS.
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