What is the name of the form that employers must provide each employee that details annual earnings and deductions?

The form that employers are required to provide to each employee, which outlines annual earnings and deductions, is indeed the W-2 form. This form is crucial for employees as it summarizes the total wages earned during the year and the amount of taxes withheld. The W-2 includes detailed information such as the employee's gross pay, Social Security and Medicare taxes withheld, and income tax withheld, giving the employee a comprehensive view of their earnings and tax contributions for the year.

The W-2 form is also essential for tax filing purposes, as employees need this document to accurately report their income on their tax returns. It is typically provided by employers by the end of January following the close of the tax year.

In contrast, the 1099 form is used to report various types of income other than wages, salaries, and tips, typically for self-employed individuals or contractors. The W-4 form is filled out by employees to indicate their tax withholding preferences to employers. Finally, the 1040 form is the individual income tax return form that taxpayers file with the IRS to report their annual income, deductions, and tax owed or refund claim. Each of these forms has specific purposes and use cases that differentiate them from the W-2.