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Your Finances; Your Future

Financial Glossary

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W-2 Form

A summary of a person's earnings and tax withholdings for an entire year. Employers must provide a W-2 to employees by the end of January for the previous year's employment to report annual income and withholding on the employees' tax returns.

Will

A legal document which states your wishes for deposition of your belongings upon your death.

Withholding Allowance

The amount of money that an employer withholds from an employee's paycheck. This money is deposited for the government on behalf of the individual taxpayer. (It will be credited against the employee's tax liability when her or she files a tax return.) Employers withhold money for federal income taxes in some states and localities.