What is a W-2 — and how do you read it?

If you work full-time for a paycheck and earn at least $600 during the year, you can expect a W-2 form from your employer during tax season. IRS Form W-2, or a "Wage and Tax Statement" is a tax form that reports the wages an employee earned during the year, as well as any taxes their employer withheld. This is an essential form you need to file your taxes as it often determines the size of your refund — or if you'll owe taxes.

CNBC Select explains how to get your W-2, what information it contains and how to include it in your tax return.

A W-2 form reports vital information such as the income you've earned from your employer, how much your employer withheld in taxes, and information about certain benefits (such as employer-provided health insurance) for the previous year.

Your employer uses this form to report salary and wage information to the IRS, and sends a copy to you as well so you have the information you need to accurately file your taxes. You can receive multiple W-2 forms in a year if you've worked full-time for several employers and have earned at least $600 in wages from each of them.

When you file your taxes, the information on your W-2 will help you complete your tax return. If you're using online tax software, you might not need to input any numbers manually. For example, TurboTax supports automatic import of W-2 information from over a million employers. Alternatively, you can upload your W-2 from your computer or use the TurboTax app to snap a photo.

If you're looking for a more affordable solution (and don't think you'll need some of the more specialized features provided by some tiers of TurboTax, such as live, individual support with a tax professional) TaxSlayer is also a good choice for tax software. Besides highly competitive pricing, this software features paid plans that let you file for every tax situation — the only difference between tiers is the level of technical support and tax advice you receive. Plus, you can import your W-2s, and the software will autofill your income and wages.

Besides your income and withholding, the W-2 form tells you important information such as your retirement contributions, the amount your employer paid for your health insurance and how much you received in dependent care benefits.

Here's how to read your W-2 form:

• Boxes A to F show identifying information about you and your employer.
• Boxes 1 and 2 show the total taxable income your employer paid you and how much was withheld in federal taxes.
• Boxes 3 to 6 show how much of your pay was subject to Social Security and Medicare taxes — and how much was withheld.
• Boxes 7 and 8 apply if you earned tips and tell you how much of the tip income was subject to Social Security tax and the amount your employer allocated to you.
• Box 10 reports how much your employer paid you in dependent care benefits.
• Box 11 tells you how much you received in deferred compensation — or, as TurboTax explains, pay you get outside of tax-advantaged retirement plans for work performed in previous years, typically after leaving employment or retiri