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Forms W-2 and W-4 are two important documents with very different tax implications. Let’s explore what these forms are, who fills them out, and when you\u2019ll need a W-2 vs. a W-4.<\/p>\n
The W-2, or the Wage and Tax Statement, summarizes your earnings and taxes withheld for the year. Employers file it annually with the Internal Revenue Service (IRS) for each employee who earned $600 or more or had any income taxes withheld, regardless of their earnings.<\/p>\n
Important information on Form W-2 includes:<\/p>\n
Total wages, tips, and other compensation<\/p>\n<\/li>\n
Social Security and Medicare wages<\/p>\n<\/li>\n
Federal income tax withheld<\/p>\n<\/li>\n
Social Security and Medicare taxes withheld<\/p>\n<\/li>\n<\/ul>\n
Read more: <\/em>How to find your Social Security COLA increase for 2026<\/em><\/p>\n Form W-4, the Employee\u2019s Withholding Certificate, documents the amount of income taxes you want withheld from your paychecks, using information like your tax filing status, credits, and deductions.<\/p>\n Higher withholdings mean a lower paycheck but also a potentially lower tax bill \u2014 or a refund.<\/p>\n<\/li>\n Lower withholdings mean you take home more, but you might owe when you file your tax return.<\/p>\n<\/li>\n<\/ul>\n Unlike the W-2, the employee completes the W-4 and submits it to their employer \u2014 usually through HR.<\/p>\n As an employee, you\u2019ll need a W-2 to file your income tax return, typically due by April 15. The information on the form is used to determine whether you owe the IRS or can expect a refund.<\/p>\n You should receive Form W-2 in the mail or electronically around Jan. 31 \u2014 the deadline for employers to file with the IRS.<\/p>\n The W-4 is available through your employer. Complete a W-4 and submit it to your employer whenever you start a new job or have a life event that impacts your financial situation and taxable income \u2014 such as claiming dependents.<\/p>\n Learn more: <\/em>How long should I keep tax documents? <\/em><\/p>\n A W-2 summarizes your earnings and taxes paid for the year. The W-4 documents the amount of taxes you\u2019d like withheld from your paychecks.<\/p>\n Employers fill out a W-2 for each eligible employee. They\u2019re also responsible for filing it with the IRS by the deadline. A W-4, on the other hand, is filled out by employees, typically when they start a new job, though it can be updated at any time.<\/p>\n Employees use a W-2 when filing their tax returns. It helps determine whether you have a tax liability or are eligible for a refund. You can usually submit a W-4 to your employer at any time \u2014 whether you want to decrease tax withholdings and take home more money per paycheck or increase withholdings and lower your tax bill.<\/p>\n<\/p><\/div>\n\n
What\u2019s the difference between Form W-2 and W-4?<\/h3>\n