Definition:
A W-2 form is a statement that must be prepared by employers each year for employees, showing the employee's total gross earnings, Social Security earnings, Medicare earnings, and federal and state taxes withheld for the employee. The W-2 form is a multi-part form:
- Copy A goes to the Social Security Administration. Copy A is usually printed on a red form.
- Copy 1 is for the city, state or locality
- Copy B is for filing with the employee's federal tax return
- Copy C is for the employee's records
- Copy 2 is another copy for a city, state, or locality
- Copy D is for the employer's records.
A copy of the W-2 forms for all employees, plus a consolidated report on Form W-3, must be sent to the Social Security Administration each year.
W-2 forms also provide information about deductions for employee benefit plans and other deductions that must be reported on the employee's income tax return.
Due Date:
The W-2 Form is due no later than the end of January, for the previous calendar year.
Also Known As: Wage Statement
