How to file taxes with your most recent pay stub
Do you need to file taxes but aren’t sure what to do?
A common misconception that people have is that they require W-2 forms to file their taxes, but there are several ways to find how much money you’ve earned during the year.
Tax season is nearing, so it’s important to gather materials to ensure you accurately file them. People often choose to file taxes with their pay stubs for a variety of reasons, a popular one being that they don’t have any other forms.
Can you file taxes with your last pay stub? Yes, you can. Read on to learn how!
What is a pay stub?
A pay stub is a document that employers give you to monitor how much money you have earned with them. These documents are usually given after each pay period, which can vary depending on where you work.
Receiving multiple pay stubs makes it easier for people to take care of financial tasks because they don’t have to wait an entire year to receive proof of income.
Pay stubs will show how much money you’ve earned before and after taxes, and where exactly your money has gone to. All categories, such as government taxes and employee benefits taxes, will be outlined on the pay stub.
When to file taxes with your last pay stub
Taxes can only be filed during a certain time of the year, hence the nickname “tax season.” Employers, when applicable, must file W-2 forms for their employees by January 31.
When can you use your last pay stub to file taxes? If you’re using a pay stub, you can file them starting on January 28. Those that are using a W-2 may have to wait a couple of extra days until they receive it. The last day to file taxes is April 15.
According to Nerd Wallet, the best time to file taxes is before March 15. This is because the government starts to charge higher fees as the deadline approaches.
What you need to do
If you’d like to know how to file taxes with your last pay stub, there isn’t much of a difference between using a pay stub and a W-2. Both of the documents give you all of the information that you need to file them.
Because you’re not using a W-2, you’ll need to fill out a 4852 form. This is a substitute for the W-2 when you don’t receive one and will allow you to use information from your pay stub.
It’s important that you ensure you have your most recent pay stub. This will prevent you from filing your taxes with false numbers.
The five main things that you need to look for on your pay stub are:
- Federal income tax (FED)
- Local taxes
- State income tax (SIT)
- Social security taxes
- Medicare taxes (MEDI)
All of these are tax deductions that are used to calculate how much money you’ve paid in taxes. If you receive monthly pay stubs, you should multiply the deductions by 12 to receive the total amount of taxes paid throughout the year.
Make sure that you make all your calculations with a calculator. If you accidentally make false statements, you could end up facing fines and time in jail.
After you’ve filled out the 4852 form with your tax information, you can mail it to the IRS.
Get ready for tax season
Providing that you don’t receive a W-2 form but receive pay stubs, you will be able to file taxes with your last pay stub. Start keeping track of your tax information so you’re prepared when it comes time to file taxes.
Always feel free to browse PayStubs.net for the paystubs creation and W-2 form generation.
