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Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
Number 1A on the 1040 form details your total amount from W-2 income, which will be box 1 on your W-2. Number 25 on the 1040 form details the federal income tax withheld on your W-2 forms.
A copy must be sent to the IRS, and some state governments also require a copy. These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in which wages are paid. The Form W-2 constitutes proof of payment of tax for the employee. [52]
For example, John gets paid $50/hour as an administrative director. His annual gross salary is $50/hour x 2,000 hours/year = $100,000/year. Of this, some is paid to John, and the rest to taxes. W-2 wages are the wages that appear on the employee's W-2 issued by his employer each year in January. A copy of the W-2 is sent to the Internal Revenue ...
Real estate tax: You can deduct local and state real estate tax, but only up to $5,000 ($10,000 if married filing jointly). Lender discount points: You may be able to claim a partial deduction for ...
Form W-2 series for wages (the Federal report is also used for states), due to employees by January 31. A summary is filed on Form W-3. Form 1042-S for payments to foreign persons, due to payees by March 15. A summary is filed on Form 1042.