Form W-2 Law and Legal Definition
A W-2 form is an earned income statement which contains a detailed set of information regarding an employee’s total income (wages, tips, commission) and the amount of federal, state and social security taxes that have been withheld. Wages include regular hourly or salary income earned, back pay, tips, taxable reimbursements, severance pay, and commissions. When a person is paid on the form W-2, the employer will automatically withhold and pay all of the necessary employee income taxes which are required by the IRS such as Federal Income Tax, State Income Tax. Moreover, the employer will pay all of the necessary employer taxes such as FICA (Social Security and Medicare), FUTA (Federal Unemployment Tax), and SUI (State Unemployment Tax).
Legal Definition list
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