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HANDBOOK FOR THE IMPLEMENTATION OF OUTCOME BASED EDUCATION @DBCYJULY 2023PREFACE OutcomeBased Education (OBE) serves as a robust framework to enhance the quality of the educational system by emphasizing

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What are the advantages of filing a W-2 form?

The W-2 form provides a clear summary of an employee's income and tax withheld for the year, which simplifies the tax filing process for employees and ensures compliance with IRS regulations.

Who is required to file a W-2 form?

Employers are required to file a W-2 form for each employee to whom they have paid a salary, wage, or other compensation during the tax year.

How to fill out a W-2 form?

To fill out a W-2 form, employers must provide accurate information including employee details (name, address, Social Security number), employer details (name, address, EIN), and financial data (wages, tips, other compensation, and taxes withheld).

What is the purpose of the W-2 form?

The purpose of the W-2 form is to report an employee's annual wages and the amount of taxes withheld from their paycheck, ensuring that both the employee and the IRS have accurate records for tax purposes.

What information must be reported on the W-2 form?

The W-2 form must report the employee's total earnings, Social Security and Medicare wages, federal income tax withheld, state income tax withheld, and other contributions such as retirement plan contributions.

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