What is the usage of a W-2 form for?

What makes W-2 so important in terms of filing taxes? It is utilized by the employers to report the annual wages of their employees along with the taxes to be deducted. Employees are then filling out W-2 forms for their taxes. In case you have been wondering what is W-2, then it is your summary of earnings and taxes deducted during the year. W-2 is also sent to the IRS and it is possible for the agency to check out the correspondence between the two forms. You can avoid mistakes when filing your taxes by analyzing your W-2 form carefully.