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Form W-2

Form W-2: A tax form that employers are required to send to employees by January 31 of each year, showing the total amount of wages earned and taxes withheld during the previous year.

Form W-2 is a tax form that employers are required to send to employees by January 31 of each year. The form shows the total amount of wages earned and taxes withheld during the previous year, including federal and state income taxes, Social Security taxes, and Medicare taxes.

Employers must file Form W-2 for each employee who was paid wages, salaries, or other compensation during the year, regardless of whether the employee is still employed or has left the company. The form provides employees with the information they need to file their income tax returns and determine whether they are owed a refund or owe additional taxes.

Form W-2 includes a variety of information about an employee's earnings and taxes withheld, including the employee's name, Social Security number, and address, as well as the employer's name, address, and employer identification number. The form also includes information about the employee's earnings, such as wages, tips, and other compensation, as well as the amount of federal and state income tax, Social Security tax, and Medicare tax withheld.

Employers must file Form W-2 with the Social Security Administration (SSA), as well as provide a copy of the form to each employee. Employers can file Form W-2 electronically using the SSA's Business Services Online (BSO) system or by submitting paper forms by mail.

In conclusion, Form W-2 is a tax form that employers are required to send to employees by January 31 of each year. The form provides employees with information about their earnings and taxes withheld during the previous year and is used to file income tax returns and determine whether an employee is owed a refund or owes additional taxes. Employers must file Form W-2 with the Social Security Administration and provide a copy of the form to each employee.