Form W-2 - Wage And Tax Statement
The purpose of the W-2 form is to provide employees with an accurate record of their wages and the taxes that have been withheld. The form also serves as a required document for various financial and legal transactions.
The W-2 form consists of two main parts:
Part I - Wage and Tax Summary: This section provides a summary of the employee's total wages and taxes for the year. It includes details such as regular earnings, overtime earnings, and non-qualified deferred compensation. The total wages reported on this part should equal the sum of all the employee's earnings throughout the year.
Part II - Wage and Tax Statement: This part provides a detailed breakdown of the employee's wages and the taxes that have been withheld. It includes information on each pay period, including the amount of regular earnings, overtime earnings, tips, and non-qualified deferred compensation.
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