W-2 forms are tax forms issued by employers to their employees that report wages, salaries, and other compensation paid to the employee during the previous year. The W-2 form is used by the employee to file their income tax return. Employers are required to send W-2 forms to their employees by January 31st of the year following the tax year.
It is important for employees to receive their W-2 forms on time so that they can file their income tax returns accurately and on time. Failure to file an income tax return on time can result in penalties and interest charges. The W-2 form is also used by the employee to claim certain tax credits and deductions.