A W-2 form, also known as the "Wage and Tax Statement," is an important document provided by your employer that summarizes your earnings and the taxes withheld throughout the year. Understanding your W-2 is essential for filing your taxes accurately.
What is a W-2 Form?
A W-2 form reports your total wages, tips, and other compensation, as well as the taxes withheld for federal income tax, Social Security, Medicare, and state income tax (if applicable). It's a critical document used to file your annual tax return with the IRS.
When Will You Receive Your W-2 Form?
Employees will receive their W-2 forms by January 31st of each year, for the previous tax year (e.g., your 2024 W-2 form should be available by January 31, 2025). Remote People ensures timely delivery, but employees must log into the ADP website to access and download their W-2 form.
How to Access Your W-2 Form
To download your W-2 form, please navigate to WFN.
Go to - Myself > Pay > Pay & Tax Statements or in the ADP Mobile App under Myself > Pay.
For more help, please visit Form W-2 and Form 1099 guide for employees
What Information is on a W-2 Form?
Your W-2 form includes several key sections:
Employee and Employer Information:
Your name, address, and Social Security Number (SSN).
Your employer's name, address, and Employer Identification Number (EIN).
Income:
Box 1: Total taxable wages, tips, and other compensation.
Box 3: Social Security wages.
Box 5: Medicare wages.
Tax Withholding:
Box 2: Federal income tax withheld.
Box 4: Social Security tax withheld.
Box 6: Medicare tax withheld.
Box 17: State income tax withheld (if applicable).
Other Deductions:
Box 12: This may include other compensation or deductions, like retirement contributions.
Box 13: This will indicate whether you participated in a retirement plan or received third-party sick pay.
How to Use the W-2 Form for Your Tax Return
The W-2 form provides essential information for filing your annual tax return. Use the information on your form to:
Report your earnings: The wages reported in Box 1 are your total taxable income for the year.
Claim tax credits and deductions: Use the federal and state tax withheld amounts to calculate your refund or tax liability.
File your tax return: Submit your tax return using the IRS website, tax preparation software, or by mail.
The W-2 form is a key document for understanding your earnings and taxes. Make sure to log into the ADP website to download your W-2 form and keep it in a safe place for filing your taxes.
For further tax-related questions, you may want to consult a tax professional to ensure your filing is correct.