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