What is W2 and How Does it Work
Everyone agrees with this that money does matter, whether it is your first salary or the discount at the supermarket. Money matters and more to that saving that money which we earn so hardly by putting our pleasure one side is important. But there are many processes around us going on, through which international students in the USA can easily get trapped or mislead by the lack of right information. And for international candidates or say the students it is very necessary to understand everything about employment whether OPT Jobs, CPT Jobs, H1B or STEAM careers and their modes of working.
The government irrespective of any country when processing any set of rules and regulation they keep the welfare of citizen and the nation’s development in mind. Similarly, for everyone’s betterment, the government has pinned five main types of employment to give everyone a choice as per their will, but before you make any decision it is very much necessary to know each and every aspect about it. And hence this blog is completely dedicated to your working career.
The main five types of employment choice you have
1 - W2
2 - C2C
3 - Full time
4 - Part-time
5 - 1099
As the US government placed these five types of working options it is necessary for F1 visa students on different stem careers looking for OPT jobs in the USA, need to keep in mind that they should target those employers mainly who do their H1B sponsorship.
What is w2?
· W2 is a form known for tax and wage statements or reports of your tax you will be paying to the government.
· This form is provided by the employer to its employee in the starting months of the year i.e. in between January to February.
How it's different from other working options?
· In W2 working mode, you will be working as a full-time employee but might not get the benefits like a full-time employee.
· Throughout your working period you can have more than one employer at a time, which simply means you can have two jobs at the same time.
· This is more likely to be a contract-based working system that is available to those employers only who get hired through any staffing agency or say consultancy.
· You will get promoted often or say regular increments
· It won’t be hard to balance time for personal and professional life as you will be allotted your fixed working hours which will not be altered by the company.
· The company can not ask you to resign or say don’t have the right to fire you before the contracted date.
· You will be paying a self-employed tax though you are not self-employed.
This is all about your W2 form you can fill in two modes i.e. by paper or digital.
For filling by paper, you will be needed to order the form, from IRS (internal service revenue).
For the digital filling, you can download the electronic apps for a form to be filled digitally.