W2

What does W2 stand for?

Wage and Tax Statement

If you’ve heard the term ‘W2’ thrown around, it’s not some cryptic code. It’s actually a well-known financial acronym. It’s the name of the document that workers get from their bosses at the end of each year.

So, what’s on a W2? This form shows important stuff like how much money you made in the last 12 months. But it’s not just about your earnings. It also tells you how much tax you’ve paid to the Federal and State governments.

Remember, W2 is more than just a piece of paper. It’s a key part of your financial record, and you’ll need it when you’re doing your tax return. So next time someone mentions their W2, you’ll know exactly what they’re talking about.

Example for using ‘W2’ in a conversation

Hey, did you get your W2 yet? πŸ“„

Yeah, I got it yesterday! It’s my year-end statement from work. πŸ™Œ

Nice! So, does it show how much money you made and how much tax was taken out? πŸ’°πŸ’Έ

Exactly! It has all the info about my earnings and the Federal and State tax withheld. It’s important for filing taxes. πŸ“Š