What Is a W-2 Form? Wage and Tax Statement Explained
The W-2 Form, officially called the Wage and Tax Statement, is a U.S. tax form that shows how much an employee earned and how much tax was withheld during the year.
Employers are required to provide a W-2 Form to each employee so they can accurately file their annual income tax return.
What Is a W-2 Form?
A W-2 Form reports an employee’s total wages, tips, and compensation, as well as federal, state, and other taxes withheld by the employer.
It is one of the most important documents needed when filing an individual tax return in the United States.
Who Receives a W-2 Form?
You should receive a W-2 Form if you are:
- A regular employee of a company or organization
- Paid wages or salary with taxes withheld
- Receiving benefits such as bonuses or taxable benefits
Independent contractors and freelancers do not receive a W-2; they usually receive a 1099 Form instead.
When Is a W-2 Form Issued?
Employers must issue W-2 Forms:
- By January 31 of the following tax year
- After the end of the calendar year
Employees should keep their W-2 Forms for tax filing and personal records.
What Information Is Included on a W-2 Form?
- Total wages and compensation
- Federal income tax withheld
- Social Security wages and tax withheld
- Medicare wages and tax withheld
- State and local tax information (if applicable)
How to Use a W-2 Form
- Review the form for accuracy.
- Use the information when filing your federal and state tax returns.
- Attach or upload the W-2 if required by your tax filing method.
- Keep a copy for your personal records.
Sample W-2 Form (For Reference Only)
Form W-2 – Wage and Tax Statement
Employee Name: ________________________________
Employer Name: ________________________________
Wages, Tips, Other Compensation: $____________
Federal Income Tax Withheld: $______________
Social Security Wages: $_____________________
Social Security Tax Withheld: $______________
Medicare Wages: $____________________________
Medicare Tax Withheld: $_____________________
This sample is for reference only and is not an official government form.
Important Notes
- Always check your W-2 for errors.
- Contact your employer immediately if corrections are needed.
- Incorrect W-2 information may delay tax refunds.
Disclaimer: This article and sample form are provided for informational and reference purposes only and do not constitute tax or legal advice.