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ECONOMIC CURRENTS October 03, 2020COVID, the White House and the Economy: A PreElection Q&A Diane C. Swonk, Chief Economist For this special edition of Economic Currents, I turned to my colleague,
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A W-shaped refers to a specific type of tax form used in the United States for reporting certain types of income and withholding. The most common W-shaped form is the W-2, which employers use to report wages paid and taxes withheld.
Employers are required to file W-shaped forms, such as the W-2, for each employee who receives wages and has taxes withheld. Additionally, some contractors may need to file a W-9 form to provide their taxpayer information.
To fill out a W-shaped form, you need to provide accurate information such as the employee's name, Social Security number, address, total earnings for the year, and the amounts of federal, state, and other taxes withheld. Ensure to follow the IRS guidelines for each specific form.
The purpose of a W-shaped form is to report an individual's income and tax withholding to the IRS and the employee. This information is used to calculate the individual's tax liability.
Information that must be reported on a W-shaped includes the employee's name, address, Social Security number, total wages earned, federal income tax withheld, Social Security and Medicare wages, and any other relevant deductions.
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