Employers use it to report wages, tips and other compensation paid to employees and the taxes withheld from those payments.
It reports total wages, Social Security wages, Medicare wages, income tax withheld and other compensation such as dependent care benefits.
Employers must file a Form W‑2 for each employee to whom they pay wages subject to income, Social Security or Medicare taxes; copies are furnished by January 31.
Electronic filing is required if you are submitting 10 or more W‑2 forms; otherwise you may file on paper.
Yes. The IRS may impose penalties for failing to file on time or for submitting incorrect information; penalties increase the later the filing.
Copies are provided for the employee, employer, the Social Security Administration and state or local tax agencies as required.
It is an internal number used by employers or payroll processors to identify and track individual W‑2 forms.
Box 12 reports various types of compensation and benefits, such as retirement plan contributions, adoption assistance and uncollected Social Security tax.
