The purpose of a W-2 form is to report earnings as well as?

The purpose of a W-2 form is to report earnings as well as the amount of federal, state, and other taxes withheld from an employee's paycheck during the year. It provides a summary of an employee's total compensation and tax contributions, which is essential for accurately filing income tax returns. Employers must issue W-2 forms to their employees by January 31st of each year to ensure timely tax reporting.