Why it matters
The W-2 is the employee's record of income and withholding, and the employer's record of payroll taxes. The W-2 totals also have to agree with the payroll register and the quarterly Forms 941.
Example
An employee earns $62,000 during the year. The employer's payroll system produces a W-2 showing the wages, the federal and state withholding and the Social Security and Medicare amounts.
Related terms
Questions about Form W-2
When is Form W-2 due?
Form W-2 for 2026 payments is due to employees and the Social Security Administration by January 31, 2027. Because January 31, 2027 is a Sunday, the deadline moves to Monday, February 1, 2027.