One of the main tax documents that you need to understand is your W-2. Your W-2 gives a lot of information, but the most important is that it shows your total income and your salary as taxable wages. If you have pretax deductions or nontaxable wages, these are not included in your taxable wages.

Does your job mail your W-2?

Federal law requires all employers to send employees W-2 statements no matter how low earnings or wages are. These W-2 statements can be sent in either paper or digital form and must be received by employees no later than January 31 of the following year. Employers must also file a copy of employee W-2s with the IRS.

What is a W-2 wage earner?

Form W-2 reflects your income earned and taxes withheld from the prior year to be reported on your income tax returns. Employers use W-2s to report FICA taxes for employees. The IRS also uses W-2 forms to track individuals’ tax obligations.

Where does an employee get their W-2 form from?

In addition, Copy A of the W-2 is submitted by the Employer to the Social Security Administration. An employee/worker receives a W-2 regardless of the amount earned during a given tax year. The “W” in W-2 stands for “withholding”.

How do you calculate salary on a W-2?

Locate Box 1 (Wages, tips, other compensation) on your Form W-2 and write down the amount that appears in that box. Complete this step for each W-2 you received for that year. Calculate your annual salary by adding up the amounts that you wrote down from your W-2 forms to determine your annual salary.

What’s the minimum wage to file a W-2?

Workers who receive a W-2 from a company with less than ​ $600 ​ in wages are still responsible for reporting it, as there is no W-2 minimum amount to file.

Do you have to send your W-2’s to the IRS?

Depending on the payroll provider of your Employer, eFile.com might import your W-2 (s) for you. You will not have to submit the W-2 when you eFile your Taxes via eFile.com. However, if you prepare and mail in previous tax year tax returns, you will have to include Copy B of the W-2 with your IRS Return and Copy A…