Form W-2 is an important tax document that employers use to report an employee’s annual wages and the amount of taxes withheld from their paycheck. Employers are required to issue a Form W-2 to each employee by January 31st for the previous year. The form includes details such as gross wages, tips, bonuses, Social Security, Medicare, and federal income tax withheld, as well as state and local tax information, if applicable. Employees use the information on their W-2 to file their annual income tax returns with the IRS.
Form W-2 (Wage and Tax Statement)
Table of Contents
Related Articles
Workforce Glossary
Wage Deduction Authorization
Wage deduction authorization Wage deduction authorization is a written agreement or consent by an employee, allowing their employer to deduct certain amounts from their paycheck…
Workforce Glossary
Workers’ Compensation
Workers’ Compensation Workers’ compensation insurance is a type of coverage that provides protection when employees get injured or fall ill due to their job. The…
Workforce Glossary
Workforce Management
Workforce Management Workforce management refers to the strategies, processes, and tools that organizations use to optimize the productivity and effectiveness of their employees. It includes…
Stay in the loop
Get all the latest Payroll, Scheduling, and Time Tracking tips for your deskless workforce.
