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What is a W-2?
A W-2 is a statement that employees receive annually from their employers that details their income, taxes, and some particular deductions for the year. If you work for someone else, you must receive this form in order to file your taxes. It reports how much was withheld from your paychecks to cover federal, state, social security, and Medicare taxes over the course of the year. The employer also sends a copy to the IRS, so the IRS can confirm that the employee’s tax return numbers are accurate.