What is the W-2 form in the USA? How do I received my W-2 form?

A W-2 form, also known as the "Wage and Tax Statement," is an important document provided by your employer that summarizes your earnings and the taxes withheld throughout the year. Understanding your W-2 is essential for filing your taxes accurately.

What is a W-2 Form?

A W-2 form reports your total wages, tips, and other compensation, as well as the taxes withheld for federal income tax, Social Security, Medicare, and state income tax (if applicable). It’s a critical document used to file your annual tax return with the IRS.

When Will You Receive Your W-2 Form?

Employees will receive their W-2 forms by January 31st of each year, for the previous tax year (e.g., your 2024 W-2 form should be available by January 31, 2025). Horizons ensures timely delivery, but employees must log into the GMS website to access and download their W-2 form.

How to Access Your W-2 Form

To download your W-2 form, please follow these steps:

Log into the GMS Employee Portal: Visit the GMS website and log in with your employee credentials.
Download your W-2: Once logged in, navigate to the W-2 section (section: Taxes > W-2), where you can download or print your form.

If you do not have access to the GMS portal or encounter any issues, please reach out to the Horizons support team for assistance.

What Information is on a W-2 Form?

Your W-2 form includes several key sections:

Employee and Employer Information:
- Your name, address, and Social Security Number (SSN).
- Your employer’s name, address, and Employer Identification Number (EIN).
Income:
- Box 1: Total taxable wages, tips, and other compensation.
- Box 3: Social Security wages.
- Box 5: Medicare wages.
Tax Withholding:
- Box 2: Federal income tax withheld.
- Box 4: Social Security tax withheld.
- Box 6: Medicare tax withheld.
- Box 17: State income tax withheld (if applicable).
Other Deductions:
- Box 12: This may include other compensation or deductions, like retirement contributions.
- Box 13: This will indicate whether you participated in a retirement plan or received third-party sick pay.

How to Use the W-2 Form for Your Tax Return

The W-2 form provides essential information for filing your annual tax return. Use the information on your form to:

Report your earnings: The wages reported in Box 1 are your total taxable income for the year.
Claim tax credits and deductions: Use the federal and state tax withheld amounts to calculate your refund or tax liability.
File your tax return: Submit your tax return using the IRS website, tax preparation software, or by mail.

The W-2 form is a key document for understanding your earnings and taxes. Make sure to log into the GMS website to download your W-2 form and keep it in a safe place for filing your taxes.

For further tax-related questions, you may want to consult a tax professional to ensure your filing is correct.

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United States of America