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CO online Form 1040 (Schedule H): What You Should Know
Form W-2 is an employment tax form that you need to complete to report the wages from an office or factory you own or run. The Form W-2 should show what kind of work you employed the person or the business you owned or ran. You then report the employer's tax withholding required to compute that Form W-2. You do this by filling an SF (withholding schedule) to the nearest dollar (that is, 0 and 15 for wages, taxable and nontaxable). However, you can't report the entire Form W-2 to the IRS unless you include Form W-2(SF) with the Form 1040, 1040A, or 1040B. Form W-4 is an employment tax form that you used to report the wages that you paid to a self-employed person that you are using to determine your social security and Medicare contributions. The Form W-4 shows that the employee's wages are not taxed. This is to avoid a double withholding penalty. You also need to fill an SF form to the nearest dollar. This Forms is the same to Form W-2 as the Form W-4 forms except that it does not show all the information required in the Form W-4. You simply include all the Form W-4 information on the SF part of Form W-2. You then have to add your employer's social security and Medicare taxes on the Form W-4 and on the Form W-2. If Schedule H is not already required on Form 1040: If you are required to use Schedule H, Schedule H — household employment taxes must be completed in the same language that has been used in Forms 1040 (except Form 1040A, Part A, and Form 1040A, Part F), 1040A (except Form 1040A, Part G, and Form 1040A, Part J), and 1040F. (See the Instructions for Form 1040, page 2 for the language requirement.
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