The IRS Form W-2 (Wage and Tax Statement) is a document prepared by an employer and provided to their employee with a copy to the Internal Revenue Service (IRS).
For a video walkthrough of the Form W-2 and the common elements, please view our two videos here and here for the 2023 tax year.
Purpose of the Form W-2
The W-2 reports an employee’s annual wages and the amount of taxes withheld from the employee’s paycheck. The W-2 also reports other non-tax related items such as the cost of employer-provided health insurance, 401(k) retirement contributions, and health savings account (HSA) contributions,
Main Boxes on Form W-2
- Reporting Wages: To report total annual wages, salaries, and other compensation paid to an employee.
- Federal Income Tax Withholding: The W-2 shows how much federal income tax was withheld from the employee’s paychecks. The amount of federal withholding tax is reported as a payment on the taxpayer’s Form 1040.
- Social Security and Medicare Withholding: The W-2 shows how much payroll tax under FICA was withheld from the employee’s paychecks. There are separate boxes for the Social Security and Medicare payroll taxes.
Video Tutorials
Additional Information
Taxpayers can find more information in the Form W-2 instructions and on the IRS website.