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What You Need to Know About W-2s

By January 21, 2016December 16th, 2022Legal

Its sort of a shame that tax season immediately follows the happier holiday season. As soon as the calendar flips to January, our focus at MarathonHR turns to W-2s.

A W-2 form is an employee wage and payroll tax statement showing an employee’s total earnings and taxes for the year. Simply stated, a W-2 is a summary of all paychecks an employee received in a calendar year. An employer is required to issue W-2 forms to its employees and report the information to the government each year.

Per the Internal Revenue Service (IRS), “every employer engaged in a trade or business who pays remuneration, including noncash payments, of $600 or more for the year (all amounts if any income, social security or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer).”

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