The W-2 Form is an essential document for employees in the United States that reports annual wages and the taxes withheld from their earnings. Employers are required by law to provide a W-2 to each employee and submit it to the Social Security Administration by January 31st each year. The form includes information about federal, state, and local taxes, as well as Social Security and Medicare deductions. Employees need their W-2 forms to accurately complete their annual tax returns, verify earnings, and ensure proper tax filing with the IRS.