Most of the taxpayers always undergo difficult times when submitting the taxes but the process can be made pretty easy. You do not have to worry when you have not received the current paystub and when you have any last W-2 form you can source information form it to file taxes. You should consider the details below to help you make successful tax submission with your previous paystub.
The information from the paystub can help you generate online paystubs, and even know the much you owe and whether you are eligible for a refund. When you have your last paystub, you can use it to send your online returns online without breaking any rules. You must, however, ensure that you do it accurately so that the returns can be accepted.
The process of tax submission is quick when you're using online format even with your last paystub, but when printing the returns, you should contact IRS before the submission. The IRS has a minimum income threshold for employees that may want to file through the online portal and the minimum amount is $57000. It is important to understand that when you have higher earnings than the one stipulated by the IRS, then you should consider that traditional way of printing and emailing the return. If you are under 16, and it is your first time to submit your annual returns then it can be challenging to do it through the e-filing.
The IRS will only need your monthly and bi-weekly earnings and this information can be sourced from your last pay stub. You will also get the tax deductions that are applicable in your paystub. It is through the various deductions made such as the federal income tax and the state income tax due that you can calculate and know the amount that is payable to the through the taxes. When you have a monthly pay stub you should add all the deductions made and times it by 12 to get the amount and if it is a biweekly payment you should times it by 24. Click here to quickly learn how to file taxes using last pay stub.
When you are calculating using tax calculator you'll be more accurate with amounts. Most of the online sites will have the tax calculators, and you should use the resources to submit your taxes. Submitting various information to the tax calculator such as the number of dependents and any tips or expenses can ensure that you develop accurate figures. This link will show you the easiest means on how to do taxes with last pay stub.
It is important to use the resources such as online tax calculator to determine the amount that you can pay. You should verify on the various online tax calculators that you can use and provide it with sufficient information to have a precise knowledge of your tax obligations. Find out more about tax preparers by clicking here: https://money.cnn.com/pf/101/plus/lessons/16/tax_preparers_cpas.html.