the w-2 form is a form that tells you
The w-2 form is a form that tells you
Answer:
The W-2 form is a document that employers in the United States use to report their employees’ annual wages and the amount of taxes withheld from their paychecks. This form is essential for both employees and the Internal Revenue Service (IRS) for tax purposes.
The W-2 form includes various information such as the total wages earned by the employee, the amount of federal and state taxes withheld, Social Security and Medicare taxes, retirement plan contributions, and other benefits provided by the employer. It is crucial for employees to accurately report this information when filing their annual tax returns.
Employers are required to provide employees with their W-2 forms by the end of January each year, allowing them to prepare and file their tax returns before the IRS deadline. It is important for individuals to review their W-2 forms carefully to ensure all the information is accurate and matches their records.
Overall, the W-2 form plays a significant role in the tax process, providing employees with the necessary information to accurately report their income and taxes paid throughout the year.