answersLogoWhite

0

A W-2 is a form that is given to you at the end of the year by your employer.

The form shows how much taxable income you were paid and how much tax was taken out of your pay for the whole year.

You use the information on Form W-2 to fill out what is called a "tax return." A federal tax return is Form 1040. You fill out this form to calculate whether your employer took out the right amount of tax. Then you send it in to the government. If your employer took out too much, the government sends you a check called a "tax refund." If your employer took out too little, you have to send a check to the government. FYI, many people mistakenly call the tax refund check a "return." A return is the form you send to the government.

If you live or work in a state that has an income tax, you will also have to fill out a state return and send it to your state government.

User Avatar

Pierce Farrell

Lvl 9
2y ago

Still curious? Ask our experts.

Chat with our AI personalities

TaigaTaiga
Every great hero faces trials, and you—yes, YOU—are no exception!
Chat with Taiga
LaoLao
The path is yours to walk; I am only here to hold up a mirror.
Chat with Lao
DevinDevin
I've poured enough drinks to know that people don't always want advice—they just want to talk.
Chat with Devin

Add your answer:

Earn +20 pts
Q: What are W 2s?
Write your answer...
Submit
Still have questions?
magnify glass
imp