What are W-2s?
A W-2 form, also known as the Wage and Tax Statement, is an IRS tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must send a W-2 forms to each employee who paid a salary, wage, or other compensation of $600 or more during the previous year.
What information is included on a W-2 forms?
The W-2 forms includes the following information:
- Employee’s name, address, and Social Security number
- Employer’s name and address
- Total wages paid to the employee for the year
- Federal income tax withheld
- Social Security and Medicare taxes were withheld.
- State and local taxes are withheld.
- Other wage and tax information (optional)
When are W-2s issued?
Employers must send W-2 forms to employees by January 31st of the following year.
How are W-2s used?
Employees use their W-2 forms to file their federal and state income tax returns. The SSA uses the information on W-2 forms to track employees’ earnings and calculate their Social Security benefits.
What if I still need to receive my W-2 forms?
You should contact your employer to request a copy if you are still waiting to receive your W-2 form by January 31st. You can also get a copy of your W-2 forms from the IRS by filing Form 4852, Substitute for Form W-2.
Types of W-2s:
There are several types of W-2 forms, each used to report various types of income. The most common type of W-2 form is the W-2, Wage and Tax Statement. Other types of W-2 forms include:
- W-2G, Certain Gambling Winnings: This form reports gambling winnings of $600 or more.
- W-2C, Corrected Wage and Tax Statement: This form is used to correct errors on a previously issued W-2 forms.
- W-3, Transmittal of Wage and Tax Statements: This form is used by employers to transmit W-2 forms to the SSA.
How Syed Professional Consultant Can Help You with W-2s:
Do you have any questions about your W-2 form?
- In that case, Syed Professional Consultant can help you understand the information on the form and how to use it to file your taxes.
- Suppose you still need to complete your W-2 forms. In that case, Syed Professional Consultant can help you request a copy from your employer or the IRS.
- If you have made an error on your W-2 form, Syed Professional Consultant can help you file a W-2C to correct the mistake.
I hope this information is helpful!