It is a form that you get from your employer showing how much you have earned and how much you have paid in taxes throughout the year. You use this form along with others to file you taxes with the IRS (Internal Revenue Service). Hopefully you don't owe any more taxes and might actually get some money back from the gov't.
BTW, this is about taxes in the United States of America - I am sure the forms are different in other countries - so if you live in a different country and/or have no plans to become a tax paying American ignore all this information before your head explodes.
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