Form W2

What does Form W2 mean?

Form W-2, Wage and Tax Statement, is the standard form used by employers to report the salary, hourly wages, and any tips earned by an employee during a given tax year, as well as the taxes withheld from those earnings by the employer. The taxes withheld on Form W-2 include federal income tax, Social Security tax, and Medicare tax.

Each employer is required by law to submit four copies of Form W-2. The four copies are distributed as follows: one to the employer, one to the employee, one to the Social Security Administration to pass on to the Internal Revenue Service, and one to the state taxing authority. Employers are required to mail the Form W-2 to employees no later than January 31 following the tax year.

Form W-2 serves as one of the checks and balances used by the Internal Revenue Service when reviewing tax returns. Since the Internal Revenue Service has a copy of each taxpayer's Form W-2, the Internal Revenue Service can confirm wages, salaries, and tips were reported by the taxpayer accurately on the tax return.

(Tags - IRS - Business law - Assets )

Previous Entry

Form 1099

Next Entry

Form W4


Browse Legal Glossary Alphabetically:

1 | A | B | C | D | E | F | G | H | I | J | L | M | N | O | P | Q | R | S | T | U | V | W | Z |




Lawyers near

Eaker Pérez Law

Eaker Pérez Law Profile Picture
925 B Street
Suite 605 San Diego, CA 92101

Pew Law Center

Pew Law Center Profile Picture
1830 S. Alma School Rd
#104 Mesa, AZ 85210

Law Firm of Min Gyu Kim PLLC

Law Firm of Min Gyu Kim PLLC Profile Picture
2100 West Loop South, Suite 818
Houston, TX 77027

Anker Law Group

Anker Law Group Profile Picture
1301 West Omaha Street
Suite 207 Rapid City, SD 57701

Term of the Day

Search and Consent Procedures

Some states have their own search and consent procedures which determine when adoption records from a closed adoption may be released.

Category: Adoption