W-2 form

The W-2 form is an official IRS document used by employers to report an employee’s annual wages and the amount of taxes withheld from their paycheck. It is essential for filing income tax returns and helps employees understand their earnings and tax contributions for the year. This form includes information such as federal, state, and local income taxes withheld, Social Security and Medicare taxes, and other deductions. Understanding the W-2 form is crucial for accurate tax reporting and compliance.