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In US territories, the W-2 is issued with a two letter territory code, such as W-2GU for Guam. Corrections can be filed using Form W-2c. The use of the form has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099. [2]
A wage garnishment is a court-ordered method of collecting overdue debts that require employers to withhold money from employee wages and then send it directly to the creditor. [13] Wage garnishments are post-tax deductions, meaning that these mandatory withholdings do not lower an employee's taxable income. [ 14 ]
Equity-based compensation is an employer compensation plan using the employer's shares as employee compensation. The most common form is stock options, yet employers use additional vehicles such as restricted stock, restricted stock units (RSU), employee stock purchase plan (ESPP), performance shares (PSU) and stock appreciation rights (SAR). A ...
The IRS began issuing Letter 6475 last month, a letter which details information about any recent stimulus payments received. Those who received economic impact payments (EIP) last year will ...
A blocked POF letter is a letter from a financial institution or government that approves the halting or reserving of a person's funds on behalf of them. [10] Governments can reserve a country's funds by restricting the maximum amount of funds that is allowed to be spent at a certain period of time in order to control the country's cash flow. [11]
Letter 4883C or Letter 6330C (Potential Identity Theft during Original Processing) This letter will ask you to call the IRS to verify your identity and tell them if you filed that return. Call the ...
If you did receive the letter — but lost or misplaced it — the process will be the same. Contact the IRS or access the CTC portal as soon as possible to make sure you can file accurate taxes.
Formatting template for letters in alphabet and script articles. Template parameters [Edit template data] Parameter Description Type Status character ch Character or characters to be formatted. String optional first character ch1 First character. If ch1 and ch2 are used, they will be rendered side-by-side String optional second character ch2 Second character. If ch1= and ch2= are used, they ...