A W-2 is a tax form used in the United States to report an employee’s wages and taxes withheld for a given tax year. Employers are required to provide a W-2 to each employee who earned at least $600 in wages during the year.
The W-2 form includes information such as the employee’s total wages earned, federal, state, and local income taxes withheld, Social Security and Medicare taxes withheld, and any other income or deductions related to employment.
The employer must provide a copy of the W-2 to the employee by January 31 of the year following the tax year. The employer must also send a copy of the W-2 to the Social Security Administration and the appropriate state and local tax agencies.
Employees use the information on the W-2 form to prepare their federal, state, and local income tax returns. The W-2 form is an important document that helps ensure accurate reporting of wages and taxes withheld for tax purposes.