The W-2 form – it's the key to unlocking your tax return! But what does it all *mean*? This form, officially titled 'Wage and Tax Statement,' summarizes your earnings and the taxes withheld from your paycheck throughout the year.
Box 1 shows your total taxable wages. Box 2 indicates the amount of federal income tax withheld. Don't forget to check boxes 3-6, these detail Social Security and Medicare wages and taxes. State and local tax information appears in boxes 15-20.
Your W-2 is crucial for filing your taxes accurately. Double-check all the information against your own records to avoid any delays or discrepancies with the IRS. If you spot an error, contact your employer immediately. Keep your W-2 in a safe place – you'll need it come tax season!
