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What is kentucky w2 form?
The Kentucky W-2 form is a tax document used by employers to report an employee's earnings, taxes withheld, and other payroll information to the state of Kentucky. It is used to file state income taxes and provide employees with the necessary information to complete their individual tax returns.
Who is required to file kentucky w2 form?
In Kentucky, employers are required to file and submit Form W-2 for their employees. This form indicates the wages earned by an employee during the tax year and the taxes withheld from their paycheck. The employer must provide a copy of the W-2 form to the employee and submit a copy to both the Kentucky Department of Revenue and the Social Security Administration.
How to fill out kentucky w2 form?
To fill out the Kentucky W-2 form, you will need the following information:
1. Employer information: Enter your employer's name, address, and federal employer identification number (FEIN).
2. Employee information: Enter your name, address, and social security number (SSN).
3. Wage and tax information: Report the total wages earned in Box 16(Fed Wages) on your federal W-2 form and the withholding amounts in Boxes 17-20 on the Kentucky W-2 form.
4. Local tax information: If applicable, report any local taxes withheld in Boxes 21-23.
5. State tax information: Enter the total state income tax withheld from your wages in Box 15.
6. Additional information: If there are any other deductions or benefits specific to Kentucky that need to be reported, refer to the instructions on the form for details.
7. Employer's signature: Once complete, your employer must sign and date the form.
It is recommended to consult the Kentucky Department of Revenue's official website or seek assistance from a tax professional for detailed instructions and any specific requirements.
What is the purpose of kentucky w2 form?
The purpose of the Kentucky W2 form is to report an employee's annual wages, income tax withholdings, and other payroll information to both the state and the employee. This information is used to calculate the employee's state income tax liability and ensure that the correct amount of taxes is withheld from their paycheck throughout the year. The W2 form is also used by the employee to file their state income tax return.
What information must be reported on kentucky w2 form?
On the Kentucky W-2 form, the following information must be reported:
1. Employer's federal identification number (FEIN)
2. Kentucky employer identification number (KEIN)
3. Employee's full name, address, and Social Security number
4. Wages, tips, and other compensation earned by the employee during the tax year
5. State income tax withheld from the employee's wages
6. Local income tax withheld (if applicable)
7. Any premiums paid for group term life insurance coverage in excess of $50,000
8. Nonqualified deferred compensation deferrals
9. Employer contributions to an employee's health savings account (HSA)
10. The total amounts of deductions for employer-sponsored retirement plans, such as 401(k) or 403(b)
11. The value of any personal use of a company-owned vehicle
12. The value of any employer-provided parking
13. Any taxable fringe benefits provided to the employee
14. The amount of Kentucky income tax withheld by the employer during the tax year
It is important to note that this information is specific to the Kentucky W-2 form and may differ slightly from the requirements of the federal W-2 form.
When is the deadline to file kentucky w2 form in 2023?
The deadline to file Kentucky W-2 forms in 2023 is January 31st. This is the same deadline as the federal deadline for W-2 forms.
What is the penalty for the late filing of kentucky w2 form?
The penalty for the late filing of the Kentucky W-2 form is a percentage of the tax liability owed by the employer. The penalty rate is determined by the number of days the filing is late, as follows:
- Up to 30 days late: 2% of the tax liability
- Over 30 days late but filed by August 1st: 4% of the tax liability
- Filed after August 1st or not filed at all: 6% of the tax liability
There is also a minimum penalty of $10.
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