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. Sometimes you may fail to have the latest paystub since your employers have not provided you with one but any previous W-2 form that you have can be used to submit the taxes. Below are steps that you can follow to successfully pay your taxes with the last paystubs 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. Using the last paystub is legal as long as you are doing it online. You must, however, ensure that you do it accurately so that the returns can be accepted.
When submitting your taxes online, there are no requirements for using your last paystub, but when you are using the traditional format it is essential to communicate with the IRS before making a submission. It is, however, necessary to ensure that your yearly income is $57, 000 before you use the online portal to file. If your gross income is more than $57000 then the best way to find your return is by printing it and then emailing to you to the IRS. People who are under 16 cannot to be able to file their returns using the e-filling for the first time.
The IRS will only need your monthly and bi-weekly earnings and this information can be sourced from your last pay stub. You will also get the tax deductions that are applicable in your paystub. It is through the various deductions made such as the federal income tax and the state income tax due that you can calculate and know the amount that is payable to the through the taxes. 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. Researching online will give you some of the trustworthy tax calculators that you can use to ensure that you make an accurate payment. 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.
It is important to use the resources such as online tax calculator to determine the amount that you can pay. You should verify on the various online tax calculators that you can use and provide it with sufficient information to have a precise knowledge of your tax obligations.