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1 lut 2022 · Your Form W-2 is an earnings statement your employer uses to report your income and any taxes or other withholdings you’ve paid throughout the past tax year. You’ll need a W-2 from your employer to file your taxes. Check out the W-2 basics and learn what each field means in our simple outline below. Form W-2 Basics
Box 4 — Shows the amount of Social Security tax withheld from your pay. Box 5 — Shows your wages subject to Medicare tax. The amount, which also may not be the same as the amount reported in W-2 Box 1, might be required on Form 8959, Additional Medicare Tax, if your income is high enough.
On each of those four lines, the first drop menu is for the special tax code itself; the second box on each line is for a year, used for contributions under the Uniformed Services Employment and Reemployment Rights Act (USERRA); and the third box is for the amount of money for that code.
Box 4: Social security tax withheld. If you have withheld any social security taxes from your employee’s paycheck then such an amount has to be reported here.
10 paź 2024 · The number from box 1, your income, is reported on line 7 of your Form 1040. Box 2: Reports the total federal income tax withheld from your pay during the year. This amount is based on the information you included on your Form W-4 with your employer.
21 sty 2020 · Box 4 — Total Social Security taxes withheld for the year. The taxes that fund these future government retirement benefits are calculated at the flat 6.2 percent rate. The amount here, therefore, is 6.2 percent of what's in Box 3.
8 maj 2024 · Read on to learn how to fill out Form W-2, box by box, and what it all means. Before we dive into how to fill out Form W-2, here’s a simple sample of a Form W-2 for an employee who earns $50,000 annually. You might have your Form W-2 responsibilities down to a science.
