UK Accounting Glossary
A W-2 form is an income tax withholding document that employers complete and distribute to various parties each year. The purpose of a completed W-2 form is to show federal, state, and local authorities the amount of income tax already paid by an employee. The employer submits completed copies of each employee’s W-2 form to the employee by the last day in January, and to the Social Security Administration (SSA) by the last day in February (the last day in March if filed electronically). The employer also submits copies of the W-2 Form to the Internal Revenue Service (IRS), and to the state, city, or local tax authorities. A W-2 Form establishes the identity of the employer and the employee and itemizes the employee’s earnings and withholdings. Some commonly applicable fields to complete in a W-2 Form are federal income tax withheld, Social Security tax withheld, and Medicare tax withheld.
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This glossary post was last updated: 5th February 2020.