The W2 Form is a tax form for the Internal Revenue Service (IRS) of the United States. It is used to report wages paid to employees and taxes withheld from them.So the formal expression of the W 2 form is the "Wage and Tax Statement". As part of the employment relationship, the employer must fill out the W 2 form for each employee who is paid wages, salaries, or other compensation. The Social Security Administration will report the relevant amounts on Form W-2 to the Internal Revenue Service.
The W-2 form is typically sent out by mail from the employers. You can order it straight from the IRS to get W-2 online. Here are some tips you need to know on your W-2 Form 2021:
1. Your W-2 form shows you how much you have owed in the whole past year and how much you have paid in taxes on those wages. You should fill in a lot of the information into the W 2 form when you do your taxes.
2. W-2 forms not only shows how much you have earned in wages and tips, but also tells other stuff, such as how much you've received in dependent care benefits, the amount of your health insurance that your employer paid, or even the amount you contributed to your retirement plan during the year.
3. Employers are required legally to send your W 2 copies to the Social Security Administration (“Copy A”) and local tax authorities and your state (“Copy 1”).
4. Your employer must send you a W-2 form by the end of January due to the IRS requires employers to provide their W-2s to the government and employees by Jan. 31 or will be punished.
5. If your employer made a mistake, even if just miss out a decimal point, gets your name wrong or a dollar amount incorrect, or checks the wrong box,etc. if any happens, just point out and ask for a corrected form W-2.
6. It is very important to make sure your address is correct . If you don't get your W-2 until Valentine’s Day, please ask your employer for a copy and make sure the W 2 get the right address.