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Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
What Is a W-2 Form? A W-2 form is used for direct employees of a business, and provides income and tax information for an employee. This includes salary, bonuses, other compensation, as well as ...
The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. [46] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31.
The form provides the employer with a Social Security number. Also, on the form employees declare the number of withholding allowances they believe they are entitled to. Allowances are generally based on the number of personal exemptions plus an amount for itemized deductions, losses, or credits. Employers are entitled to rely on employee ...
Misclassifying W-2 employees as 1099 contractors has severe penalties. Learn the biggest difference between the two types of workers.
Your employer, according to the IRS, is required to provide or send Form W-2, known as a "Wage and Tax Statement" to you no later than Jan. 31.If it is mailed, though, the IRS says you should ...
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