W-2 Form

Definition - What does W-2 Form mean?

A W-2 form is a tax form that is sent by an employer to an employee and to the government at the end of every working year for the purpose of stating the amount of wages the employee earned in the year and the amount of taxes that were withheld from that amount of money on the person's behalf. It forms the basis of the tax statement and determines whether or not there is money due and owing to the government by each employee or if the person was overtaxed and is entitled to a refund.

Justipedia explains W-2 Form

A W-2 form confirms that the employer has filed the employee in their books and that everything done in terms of employment is legitimate. It can be relied on in many instances such as when a person applies for a loan and has to prove their income or when they are being sued and have to show how much they earn for child support or other payment reasons.

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