Wage and Tax Statement (W-2)

Wage and Tax Statement (W-2) definition - business

Wage and Tax Statement (W-2)

The IRS form that employers are required to send each year to the IRS and each employee for whom income, Social Security, or Medicare tax was withheld, or would have been withheld had the employee not claimed more than one allowance or an exemption from withholding. Also called Form W-2.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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