Which tax form is used to report employee wages and tax withholdings?

The tax form used to report employee wages and tax withholdings is Form W-2. This form is essential for employers as it summarizes the total earnings, tax withholdings, and other relevant financial information of an employee for the year. The W-2 form is provided to employees, who use it to accurately report their income when filing their individual tax returns.

Form W-2 shows the wages paid to employees, along with the amounts withheld for federal income tax, Social Security tax, and Medicare tax. It also details any additional withholdings that may apply, such as state and local taxes. This comprehensive breakdown is crucial for both the employee and the IRS to ensure accurate reporting and compliance with tax regulations.

In contrast, while Form 1099 reports various types of income other than wages (typically for independent contractors or freelancers), Form 1040 is the individual income tax return form that taxpayers use to file their annual income tax return. Form 941 is a quarterly form used by employers to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks, along with the employer's portion of Social Security and Medicare taxes. However, it does not provide the detailed annual wage and withholding information required for individual employees, which