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In this way, the IRS uses Form W-2 as a way to track an employee's tax liability, and the form has come to be seen as a formal proof of income. The Social Security Administration, court proceedings, and applications for federal financial aid for college all use Form W-2 as proof of income.
Verification of Employment (VOE) is a process used by banks and mortgage lenders in the United States to review the employment history of a borrower, to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003).
Personal income encompasses various forms of income beyond just wages. It can include dividends, transfers, pension payments, government benefits, and rental income, among others. Taxes charged to an individual are typically not deducted when calculating personal income. [2]
Your Social Security statement may go by other names, such as “budget letter,” “benefits letter,” “proof of income letter” or “proof of award letter.”
These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in which wages are paid. The Form W-2 constitutes proof of payment of tax for the employee. Employers are required to pay payroll taxes to the taxing jurisdiction under varying rules, in many cases within one banking day.
A no-doc mortgage offers a way to get a home loan without some of the income and employment verification paperwork lenders traditionally require, like W-2s and pay stubs.
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