Veryfi OCR API extracts, categorizes and enriches all the detail from unstructured W-2 tax documents at scale; without the use of traditional limitations like templates or humans-in-the-loop.
Form W-2 (officially, the “Wage and Tax Statement”) is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.
Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31.
Form W-2, or ‘Wage and Tax Statement’ is the form an employer generates after the calendar year is over. The form summarizes the different categories of compensation the employee received during the year. All amounts paid are included in the W-2, including non-cash payments and taxes, paid by the employer on behalf of the employee to Federal and local Governments, along with every mandatory insurance deduction the employer paid, such as Social Security or Medicare.
If you want to extract the data from this form then you either have to do it manually costing you up to 30 minutes per W-2 or use an API like that provided by Veryfi to extract all the fields and their values from a W-2 in seconds. Learn more
Line item level detail inc billing information enables Level 3 Data Processing reduces payment processor fees.
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