W-2 Forms

FAQ’s about Form W2

Frequently Asked Questions (FAQ) about Form W2 is listed below. Form W2, Wage and Tax Statement is surely one of the most commonly used tax forms. Because it is used by all employers and employees, it’s normal to have plenty of questions.

What is Form W2? What is it used for?

First and foremost, let us explain what Form W2 does and what is it used for.

Form W2 is the Wage and Tax Statement used by employers to report wage, salary, and other compensation such as tips paid to an employee.

Form W2 will then later be used by employees to file their federal income tax returns. The information provided on Form W2 is required to file a tax return. The employee will then attach it to the tax return.

Since the employees need their W2 to file a federal income tax return, employers must furnish their employees by January 31st to file a federal income tax return. This is also roughly the start of the tax season every year, including 2021.

Where is taxes withheld on Form W2?

Form W2 reports all the taxes withheld from an employee’s income including Social Security and Medicare tax. The taxes withheld on Form W2 can be found in the following boxes.
Box 2-Federal Income Tax
Box 4 Social Security Tax
Box 6-Medicare Tax
Box 16-State Income Tax
Box 19-Local Income Tax

Employer haven’t given my W2 yet, What to do?

Employees who haven’t received their W2 by January 31st can opt to file a Form 4852, Substitute Form for W2. This is to replace Form W2 and it can be filed using last pay stub. However, filing Form 4852 requires the employee to submit a paper tax return since it can’t be filed electronically.

How to find out if Form W2 is correct?

The easiest way to see whether or not the W2 you’ve given by your employer is correct is to calculate your annual salary. For this, you will need to have your pay stubs or know the total number of hours worked. Assuming your hourly rate is same, you can calculate the amount you’ve earned during the tax year and compare it the amount shown on Form W2 Box 1.

How to attach Form W4 to 1040?

The way you’re going to attach Form W2—Wage and Tax Statement on Form 1040 is the same as any other tax form. Staple Form W2 on the upper right or left corner along with other tax forms and schedules you use it to file your tax return with.

How can I download my Form W2 online?

Unless the company you’re working at has an online platform for employees where can have access to their tax documents, it isn’t possible to download your Form W2 online. You can only obtain your W2 from your employer either in person or via e-mail.

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