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: -a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. Also called: W-2 form.

Detailed explanation-3: -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-4: -Local wages, tips, etc: The total local taxable gross pay you received. 19. Local income tax: The total local income tax withheld from your compensation. 20. Locality: If you live and/or work outside of California and the locality that you reside in requires withholding, the locality name will be displayed.

Detailed explanation-5: -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.