W-2 Form
Also known as: IRS Form W-2, Wage and Tax Statement.
Definition
Form W-2, the Wage and Tax Statement, is the IRS form U.S. employers issue each January to report an employee's annual wages and the federal, state, and local taxes withheld. Each box on the W-2 has a defined meaning (Box 1 wages, Box 2 federal income tax withheld, Box 3 Social Security wages, and so on). Employees attach W-2 data to their tax return; lenders use it to verify income.
Why it matters
W-2 box values are the canonical source of wage and withholding data for both tax filing and income verification. A misread digit in Box 1 or Box 2 propagates straight into a tax return or a loan decision. Reliable extraction is essential for tax-prep firms, payroll auditors, and lenders.
How DocuClipper handles it
DocuClipper extracts every numbered box on a W-2, including employer EIN and employee SSN, with field-level validation. See W-2 data extraction.
Related terms
DocuClipper extracts financial documents with 99.9% field-level accuracy across any bank, any format, rated 4.7/5 across 91 G2 reviews.