W-2 Form
EssentialWage and Tax Statement
The W-2 form reports an employee's annual wages and the amount of taxes withheld from their paycheck. Every employer must provide this form to employees and the IRS by January 31st.
January 31
Due Date
All Employees
For
Annual
Frequency
Yes
Required
For Employers
What You Must Do:
- • Provide W-2 to each employee by January 31
- • File Copy A with the Social Security Administration
- • Keep copies for your records
- • Include all taxable compensation and withholdings
Required Information:
- • Employee's SSN and personal information
- • Employer's EIN and business information
- • Total wages and taxable compensation
- • Federal, state, and local taxes withheld
For Employees
What You Receive:
- • Copy B: File with your federal tax return
- • Copy C: Keep for your records
- • Copy 2: File with state tax return
- • Additional copies for local taxes if applicable
How to Use:
- • Transfer wage information to tax return
- • Verify withholding amounts match your records
- • Report any discrepancies to your employer
- • Keep copies for at least 3 years
Important Notes
Income Inclusion:
- • Regular wages and salary
- • Bonuses and commissions
- • Tips (if reported)
- • Taxable fringe benefits
- • Stock option exercises
Tax Withholdings:
- • Federal income tax
- • Social Security tax (6.2%)
- • Medicare tax (1.45%)
- • State income tax (if applicable)
- • Local taxes (if applicable)
Generate Accurate Paystubs for W-2 Preparation
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