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How You Can Submit Your Taxes Using the Last Paystub
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. Below are steps that you can follow to successfully pay your taxes with the last paystubs that you have.
Some of the paystubs can be downloaded from the internet, and you can do the calculations to identify the amount that you should pay and if you can get a tax refund from the state. 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.
It is easy to file your tax returns when you have the previous pay stub but if you want to do it traditionally, you should ensure that you inform IRS before submitting it. The IRS has a minimum income threshold for employees that may want to file through the online portal and the minimum amount is $57000. If your gross income is more than $57000 then the best way to find your return is by printing it and then emailing to you to the IRS. People who are under 16 cannot to be able to file their returns using the e-filling for the first time.
Your last pay stub can be used to file a return because it will contain your monthly and biweekly income. Details such as tax deduction will also not miss from you last paystubs. Checking on the various deductions such as Federal income tax and state income tax due can help you to estimate the amount that you’re supposed to pay. The most straightforward calculation is to add all the deductions and times it by 12 to get the amounts that you are supposed to pay when you are a monthly earner, but if you earn biweekly then you should do the multiplication by 24.
When you are calculating using tax calculator you’ll be more accurate with amounts. Checking through the various online sites can give you the best tax calculator to make your calculations. When using the online calculator, it is essential to provide sufficient information such as your dependents and any costs which may touch on your taxes.
Most people do not enjoy submitting the tax, but the online calculators can simplify the whole process. You will avoid the penalties of not failing to pay the taxes when you calculate and submit the accurate figures.