what is a W2 form? what is its importance? how do we obtain it?

Answer 1

Form W-2, Wage and Tax Statement, is used in the United States income tax system as an information return to report wages paid to employees and the taxes withheld from them. The form is also used to report FICA taxes to the Social Security Administration. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service.

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. The Form W-2 reports income on a calendar year (January 1 through December 31) basis, regardless of the fiscal year used by the employer or employee for other Federal tax purposes.

The form consists of six copies:

* Copy A - Submitted by the employer to the Social Security Administration. (In addition, the employer must also submit Form W-3, which is a summary of all Forms W-2 completed, along with all Copies A submitted. The Form W-3 must be signed by the employer.)
* Copy B - To be sent to the employee and filed by the employee with the employee's federal income tax returns.
* Copy C - To be sent to the employee, to be retained by the employee for the employee's records.
* Copy D - To be retained by the employer, for the employer's records.
* Copy 1 - To be filed with the employee's state or local income tax returns (if any).
* Copy 2 - To be filed with the employee's state or local income tax returns (if any).

Employers are instructed to send copies B, C, 1, and 2 to their employees generally by January 31 of the year immediately following the year of income to which the Form W-2 relates, which gives these taxpayers about 2 1/2 months before the April 15 income tax due date. The Form W-2, with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February.

Answer 2

a W2 is a statement of your earnings for the year from a particular employer. It details your name and SSN along with company information and reports your gross wages, FICA deductions and federal/state/local income taxes withheld. It gives other information such as pre-tax deductions and IRA/pension deductions.
A copy is sent to the IRS and the employee receives up to 4 copies -- one to be filed with a federal return, one with a state, and one with city (if necessary). The 4th copy is retained by the employee.

Answer 3

A W-2 is an earnings and income report. You need it to file your income tax return at the end of the year. Your employee is legally obligated to give you one if you are a regular employee (you get a 1099 if you are a contractor) by February 15 each year.

For more information, see the IRS website:
http://www.irs.gov/faqs/faq1-15.html

Answer 4

It is the form that your employer gives or mails to you at the end of January. You should receive one unless you've moved. Most post offices will not forward them though, so you should contact your employer.

Answer 5

a w-2 form is a statement from your employer disclosing your wages, tips, etc...., You need your w-2 in order to claim your taxes; federal and state/city (if necessary). You get this form from your employer.

Answer 6

it is a form that reports your income. You get one from your employer. You get one, the IRS gets one and of course the company keeps them on file

Answer 7

If you work,your company that you work for will give you one.

Answer 8

its for your taxes you'll get one when you find a job