What is a Form W-2 and what do I do with it?

What is a Form W-2? That’s a more common question than you may think. The Form W-2 is the summation of all of an employees payroll data for the year.  It is sent with all other W-2s and a summary form called a W-3 to the Social Security Administration by January 31st of the following year.  It must also be supplied to the employee by the same date.