How To File Taxes With Your Last Pay Stub?

One of the most dreaded seasons of the year is tax season, yet it can be very easy. You will use your W-2 form to file taxes. But if you have not received any paycheck stubs from your employer, it becomes somewhat complicated.

Do not worry. As long as you have a pay stub, you can file your taxes without hassle. To learn how to file taxes with your last pay stub, read this blog and follow the instructions.

The information that will be included on your pay stub, which you can generate online, will allow you to understand all of the details. This will enable you to calculate your outstanding balance and ascertain your eligibility for a refund.

Filing your taxes online, commonly known as e-filing, allows for the legal and uncomplicated use of your last pay stub. This document provides essential information for your tax submission. Here is a detailed overview of the critical aspects you should know when you file taxes with your last pay stub.

Filling Your Taxes Online

When you file taxes with your last pay stub, it is an alternative, and online filing is recommended. While you can still file taxes using a pay stub using the standard method, it is essential to inform the IRS about your decision and then fill out the 4852 form.

This can be done in response to a W-2 form. But you need to remember that you can file your taxes online under certain conditions only. According to the IRS (Internal Revenue Service), the highest gross income threshold allowable for people looking to e-file without paying anything through the IRS-Free File Service is now $57,000.

Also, if you have lived in Guam or American Samoa, you will not be able to e-file. You can still prepare the return online, but you would wish to print and mail if anybody wants to apply to you.

Provided you fit the bill, have an accurate pay stub, and a decent Wi-Fi, you are good to go.

 

How To File Taxes With Last Pay Stub The Perfect Way?

Using your most recent pay stub instead of a W-2 form is easier than it may initially seem. A pay stub can contain the majority, if not all, of the essential information needed for tax purposes that is typically provided on a W-2 form.

Your pay stub will include your monthly or bi-weekly income, which is the most crucial information the IRS needs. It will also note the tax deductions. These are especially important when calculating a tax refund using a check stub maker or a pay stub.

Your tax deductions are listed as abbreviations next to the total amount deducted on your pay stub. This normally includes Federal Income Tax, which is generally withheld by the Internal Revenue Service (IRS).

Your home state will also withhold any state income tax due, which is usually listed on your pay stub as SIT, though it varies. There are entries for any local taxes, social security taxes, and Medicare taxes.

Medicare taxes are generally known as MEDI. Once you have all of these deductions, you can use them to estimate your annual tax payment. If your pay stub is monthly, just add these deductions together and multiply by 12. If it is bi-weekly, multiply it by 24. Once you have them, it is time to use a tax calculator.

What More You Will Need?

All the info written here can be found in your salary slip. This is enough for you to file your taxes. But, if you want to know whether you have calculated it correctly and aren’t paying way too much (or too little), you should use a tax calculator.

It is advisable to do this before you file your taxes with the last pay stub. There is no shortage of trustworthy and accurate tax calculations on the internet. You will be able to calculate it precisely by adding in your year-to-date taxable income along with your leftover taxable income that is not in the pay stub you are using to file your taxes.

Equally, more information should be conveyed to the calculator. You should also bear in mind any dependent you may have, as well as other analogous costs while bidding for mortgages. In addition, any relevant advice or expenses should be provided. It’s crucial that the tax calculator you are using is current and pertains to the present tax year.

Conclusion 

A pay stub displays an employee’s annual earnings as well as deducted taxes. Create free pay stubs using an online generator. Nevertheless, it is not sufficient enough to file taxes using just a pay stub. W-2 form is required for tax filing and should be given by the employer before January 31st each year.

Waiting for your W-2 would be the most appropriate thing to do if feasible because this form contains exact figures needed during filing of accurate taxes. However, if you must use a pay stub, like real check stubs, ensure that you check the details thoroughly and be prepared for changes in your return. Consulting a tax professional for help can guarantee that you file accordingly and evade repercussions.