Oakland, CA (PRWEB) February 2, 2009
Perquest, Inc., a payroll company, reveals helpful information as the 2009 tax season gets underway.
For nearly 150 years, individuals have been reporting their income to the Internal Revenue Service (IRS) and paying taxes to support various branches of federal, state, and local government.
This year will be no exception, as businesses across the nation comply with governing laws by sending itemized tax and wage statements to their entire 2008 workforce. Whether their employees were part-time, full-time, temporary or seasonal, each employee is issued a statement of earnings that is instrumental in completing their individual tax returns.
Copies of these documents are also filed with the Social Security Administration (SSA), and in some cases, with state and local agencies.
Commonly, the box-filled reports are referred to as W-2 forms and include wages, tips and other compensations, along with an employee’s state, federal, and local tax withholdings. For independent contractors, the IRS wage and tax statement is titled 1099-MISC form.
To see an illustrated example of a W-2 tax form, visit Perquest Resources
Once an employee receives these forms, they should verify certain pieces of information for accuracy, including their social security number, wages reported and tax withholdings.
Compensation and taxes withheld can be compared to previous pay stubs. By taking a few extra minutes to corroborate the numbers and information listed on the W-2 form, individuals can often reduce or eliminate costly filing errors or delayed refunds.
Should an employee identify a discrepancy, they need to notify their employer of the error. The employer is required to reprint a correct form, known as the W-2c form. The revised form must also be filed with the appropriate agencies.
Employers are very thorough when compiling the tax information, knowing any inconsistencies can cost the business both time and money.
Perquest is an online payroll outsourcing services provider offering full-service payroll and payroll tax services to businesses nationwide.
Perquest is a better choice for payroll. We provide affordable online payroll services that eliminate errors, save time and reduce waste. Designed to mirror actual user needs and supported by responsive service professionals, Perquest makes payroll easy. Our commitment to delivering superior service is demonstrated in our user-friendly design, platform independent technology, experienced people and industry-leading, 95% client retention rate. For more information please visit Perquest.com.
To learn more about Perquest or the free resources, contact Tamara Deverell, media contact for Perquest, Inc., at 510.740.6300, ext. 6402.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.