A W-2 form is a document that summarizes an employee’s annual earnings and the amount of taxes withheld from his/her paycheck. Employers are required to provide their employees with a W-2 form by January 31st of each year, and employees use this form to file their income tax returns with the Internal Revenue Service (IRS).
You need a W-2 form for various reasons:
- Filing Your Taxes: The primary reason for receiving a W-2 form is to file your federal and state income tax returns. You use the information provided on the form to report your earnings and taxes withheld from your paycheck.
- Verifying Employment and Earnings: A W-2 form is an official record of your employment and earnings for the year. You can use it to verify your income when applying for loans, credit cards, or renting an apartment.
- Social Security Benefits: The information on your W-2 form is also used to calculate your Social Security benefits when you retire or become disabled.
If you have not received your W2 by February 15th, you should contact your employer to see if there was an error or if it was lost in the mail. At Grant Payroll, we work hard to get all the W2s out the door by the end of January. It’s hectic around our office at the start of each new year, but we’re determined to provide our clients and their employees with exceptional service from start to finish!