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Of the many uses of online pay stubs, filing taxes is also one. Hundreds of taxpayers rely on paycheck stubs as an authentic source to add the payroll details to essential tax documents like W-2 forms or 1099-MISC forms.
Calculate the Tax Refund with Paycheck Stubs
Taxpayers can estimate the refund before receiving the W-2 form with paycheck stubs. As most pay stub generator users already do, if your YTD earnings amount is the same as the rest of the months, you can put the same amount into the tax calculator, too. This is the privilege you get when you preserve your check stubs from previous months.
If you haven’t used a pay stub maker until now, rethink whether you’re losing the significant benefits it provides to users.
Is it possible to file taxes without a W-2 or 1099-MISC?
As the tax season calls for refunds, W-2 and 1099 Forms are first on your mind. One of the biggest myths about the tax filing process is that tax returns cannot be filed without the said documents, though this is not true.
Having enough details to file tax returns with W-2 forms or 1099 MISC Tax Forms Online is strategic. But what if these tax forms are not available? Some employers may not provide the information on time. It may happen that they have been misplaced by employees. What to do then?
You can request a copy of the W-2 Form or 1099 MISC form from the employer, and even if they don’t give a copy, tax returns can still be filed. Form 4852 is used as a substitute for the two forms. This form requests the wages and withheld tax information.
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Having an earnings statement or paycheck stubs online can be very helpful. You can file taxes with your last pay stub. It is thus recommended to keep track of your earnings and save the recent paychecks (at least 3 years) for precise data available whenever required.
Do you know? If you don’t have an accurate figure for your earnings, you’ll have to estimate it to complete the tax form.
This may put you at risk if you fill in a random amount and your actual earnings are more. You should create pay stubs instead or request them from your employer for precise tax filing.
Have you tried a free check stub template or not?
Related Article: How to Best Utilize Paycheck stub online?
FAQ's
Can online pay stubs be used to file taxes?
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Online pay stubs can be used to file taxes, as they provide information about an employee's earnings and deductions, which is required for tax purposes.
What information is needed from an online pay stub to file taxes?
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The information needed from an online pay stub to file taxes includes the employee's gross pay, federal and state taxes withheld, social security and Medicare taxes withheld, and any deductions, such as retirement contributions or health insurance premiums.
Is keeping a copy of online pay stubs for tax purposes recommended?
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Yes, keeping a copy of online pay stubs for tax purposes is recommended, as they provide proof of income and deductions. Employees should keep all pay stubs and other financial records for at least three years, as this is when the IRS can audit tax returns. Keeping digital copies of pay stubs can be helpful for easy access and organization.
