IRS Tax Form – W2

LearnHire

5 years ago

What is W2?

W2 is a form issued by employers (from payroll department) to full time employees once in a year.

W2 contains information about taxes, wages and other necessary information for filing tax returns.

Based on terms between the employer and employee, these forms are sent to employees on:

W2 – Full time on Salary Basis;
W2 – Full Time on Hourly Basis;
W2 on percentage basis.

This form is used by their employees to submit tax returns. For example, if an employee has worked with three employers within a year, employee will get 3 W2 forms from their employers.

To get the latest copy of w2 form, go to www.irs.gov.

W2 form contains the following information:

a. Employees Social Security Number
b. Employer identification number (EIN)
c. Employer’s name, address, and ZIP code
d. Control number
e. Employee’s first name and initial, Last name and Suff
f. Employee’s address and ZIP code
1. Wages, tips, other compensation
2. Federal income tax withheld
3. Social security wages
4.Social security tax withheld
5. Medicare wages and tips
6. Medicare tax withheld
7. Social security tips
8. Allocated tips
9. Advanced Earned Income Credit (EIC)
10. Dependent care benefits
11. Nonqualified plans
12. Cost of employer-sponsored health coverage
13. Statutory employee, Retirement plan, Third-party sick pay
14. Other
15. State: Employer’s state ID number
16. State wages, tips, etc.
17. State income tax
18. Local wages, tips, etc.
19. Local income tax
20. Locality name

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