The W-2 form is a form which an employer must send to an employee and the Internal Revenue Service (IRS) at the end of each year. Every January, the employee should receive a Form W-2 Wage and Tax Statement from his/her employer. The contents of this form are the amount of money made by the employee during the previous year and how much was paid as tax.
Therefore, Employers supply a w-2 each January to help citizens file their tax returns.
When a citizen gets their W-2 form for the previous year, they can use it to decide if they qualify for a tax refund which could be in cash or used towards the next years' tax.
If a citizen pays too much in taxes throughout the year, then after filing a tax return, he or she will receive a refund.
Finally,
Taxes returns can by filed either by mail or online.
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