What Is a W-2 Form?

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A W-2 form is prepared by all employers, and it includes an employee's gross wages, federal withholding, FICA withholding and Medicare withholding. Use a W-2 to file income taxes with information from an IRS tax agent in this free video on personal finance.

Part of the Video Series: Paying Taxes
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Video Transcript

On this segment we're going to talk about what is a W2 form. Your employer will prepare your W2 form. It's going to show your gross wages. It's going to show your federal withholding, your FICA withholding, Medicare withholding, and any other withholding. You are taxed on your gross withhold, gross income. Your federal withholding is a credit towards your taxes. Your employer will mail that W2 to you by January 31st of each year, and your taxes are prepared from the W2, as well as some other items that you might include. Thank you very much.

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