Form W-2 – Wage and Tax Statement (Summary of Wages/paycheck)

orm W-2 is an IRS tax form that employers must provide to employees each year. It reports the employee’s annual wages and the taxes withheld from their paycheck .

🔍 Key Points

1️⃣ Who issues it?
• Employers send it to both the employee and the IRS.

2️⃣ Who receives it?
• All employees (not independent contractors — they get Form 1099-NEC).

3️⃣ What does it contain?
• Total wages, tips, and other compensation
• Federal income tax withheld
• Social Security and Medicare taxes withheld
• State/local taxes withheld (if applicable)
• Employer & employee identifying information

4️⃣ When is it issued?
• Employers must send Form W-2 by January 31 of the following year.

5️⃣ Why is it important?
• Employees use it to file Form 1040 for their income tax return.
• The IRS matches your tax return against W-2 data to ensure accuracy.

💡 Example:
If you worked for a company in 2024, you should receive your W-2 by January 31, 2025, to report your wages and withholdings for your 2024 tax return.

✅ Tip: Always check your W-2 for accuracy. If there’s an error, request a corrected version (Form W-2c).

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