ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also contain information about: Tips. Contributions to a 401(k)

Detailed explanation-2: -Basically, W-2 is a form which an employer sends to their employee & IRS (Internal Revenue Service) mentioning the financial accounting of employee including their annual income, amount to be paid as tax and so on.

Detailed explanation-3: -W2, which stands for the wage and tax statement, is a tax form given by the Staffing companies to the Candidate in the month of January every year. Tax : On W2 tax will be taken care by his/her employer as the employer withholds a part of pay. What taxes need to be paid? Federal income Tax. State Income Tax.

Detailed explanation-4: -The W-2 form records information that employees must use when preparing their personal tax returns. The information includes wages, tips or other compensation, federal and state income tax withheld, Social Security and Medicare wages and tips, and information on certain employee benefits.

Detailed explanation-5: -contact your employer; contact the Social Security Administration (SSA); or. visit the IRS at Transcript or copy of Form W-2 for information. The IRS provides the following guidance on their website: 06-Dec-2022