What is Form W-2?
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Last modified 11/30/2020 10:07:43 AM EST |
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Form W-2, the wage and tax statement, is filed to report employee wages and tax withheld in a calendar year. Usually, it’s filed annually with the social security administration (SSA). The SSA uses Form W-2 to ensure that income is reported on the individual’s tax return.
Below is the information that needs to be reported in Form W-2:
- The wages paid to an employee
- The taxable income subjected to Medicare and Social Security (FICA) taxes
- The federal income taxes withheld from the employee’s pay