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In US territories, the W-2 is issued with a two letter territory code, such as W-2GU for Guam. Corrections can be filed using Form W-2c. The use of the form has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099. [2]
Your employer, according to the IRS, is required to provide or send Form W-2, known as a "Wage and Tax Statement" to you no later than Jan. 31.
The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. [46] 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. An employer must mail out the Form W-2 to employees on or before January 31.
Employers must file a quarterly report of aggregate withholding taxes, Form 941, with the Internal Revenue Service. This report includes income, Social Security, and Medicare tax totals for the quarter. Partnerships making payments for partners must file Form 8813 quarterly. State requirements vary.
Employers must file reports of aggregate unemployment tax quarterly and annually with each applicable state, and annually at the Federal level. [50] Each employer is required to provide each employee an annual report on IRS Form W-2 [51] of wages paid and Federal, state and local taxes withheld. A copy must be sent to the IRS, and some state ...
Now, companies are also required to send paperwork to the IRS, meaning underreporting will be easier to catch. It's like a W2 or 1099 form from an employer, which the IRS has received since the 1940s.