Form W2

W-2 is the form given by the employer to the employees at the end of the taxable year. In short, it is a statement of wages and taxes of an employee.

Form W2 contains the following details:

  • The Annual wage.
  • State and federal taxes withheld by the employer from the employee’s wages including Medicare tax, social security tax, and income tax.
  • Social security tax information.

W2 must be submitted to IRS by employers engaged in trade or business. All employers who pay a reimbursement of $600 or more to employees within the taxable year are required to file this form. Form W-2, Wage and Tax Statement, must be completed by employers for each employee. They must give this form to employees at least 2 ½ months before April 15 so that the latter will have ample time to complete the returns. The employer also files W2 and W3 with SSA on February of each taxable year to give an account of FICA taxes.

Category: Tax Return Form. This form gives an account of the employee’s yearly wages as well as the taxes withheld by the employer from the former’s paycheck. It is the employer who fills up the W2 Form and not the employee.

Link to IRS website: www.irs.gov/pub/irs-pdf/fw2.pdf

 

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