W-2 Form

Form W-2 (Wage and Tax Statement) is the federal tax form that employers must provide to each employee and to the IRS by January 31 each year. The W-2 reports the employee's total wages paid and taxes withheld during the previous calendar year.

Key information on a W-2 includes: total wages, tips, and other compensation; federal income tax withheld; Social Security wages and tax withheld; Medicare wages and tax withheld; state and local wages and taxes; and any pre-tax benefits (such as 401(k) contributions or health insurance premiums).

Employers must provide W-2s to all employees who were paid wages during the year, including part-time and seasonal employees. Failure to provide W-2s on time can result in IRS penalties.