What Is Form W2? An Employer's Guide to the W2 Tax Form Gusto from gusto.com

Understanding W2 Forms for Employees in 2023

What is a W2 Form?

A W2 form is a tax form used to report wages and taxes from your employer to the Internal Revenue Service (IRS). It records your income and tax withholding for the year, and is used to prepare your tax return. Every employee should receive a copy of their W2 form from their employer by early February of the following year.

What Information is on a W2 Form?

A W2 form includes information about your wages, taxes withheld, and other important information. Specifically, the W2 form includes the following information:

Your name, address, social security number, and employer's identification number
Your wages and tips
Federal and state income taxes withheld
Social security and Medicare taxes withheld
Employer contributions to retirement plans, health savings accounts, and Archer Medical Savings Accounts
Any employer-provided benefits, such as health insurance, disability insurance, and group-term life insurance
Any other applicable deductions

Why is a W2 Form Important?

A W2 form is an important document for both employees and employers. It is used to calculate taxes and ensure that employers are withholding the correct amount from employees. For employees, it is important to review the information on the W2 form to make sure it is accurate and to use the information to file their tax return.

How Do I Get a Copy of My W2 Form?

If you have not received your W2 form by early February, you should contact your employer right away. Once you receive your W2 form, you should review the information to make sure it is accurate. If you find any errors, you should contact your employer immediately to make any necessary corrections.

What Should I Do With My W2 Form?

Once you receive your W2 form, you should use the information to file your taxes. You can use the information to complete your tax return or have a professional prepare it for you. You should keep a copy of your W2 form for your own records in case you need it in the future.

Conclusion

A W2 form is an important document for both employers and employees. It is used to calculate taxes and ensure that employers are withholding the correct amount from employees. It is important to review the information on the W2 form to make sure it is accurate and to use the information to file your tax return. If you have not received your W2 form by early February, you should contact your employer right away.