Income: W-2

A W-2 is a tax form used in the United States to report an employee's annual earnings and taxes withheld by their employer. Employers are required to provide employees with a W-2 by the end of January each year, which employees then use to file their federal and state income tax returns.

Context: Identifying the document.

1. Document title

Key takeaways: Important information.

1. Employee’s social security number

2. Employer’s name

3. Employee’s name

4. Annual income

5. Year

Notes on income:

• W-2s are used to verify employment and income from prior years.

• If a borrower had multiple employers in prior years, they would have multiple W-2s.