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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.
Box 4 reports the total amount of Social Security taxes withheld from your paychecks. The Social Security tax is a flat tax rate of 6.2% on your wage income, up to a maximum wage base of $118,500 for 2018. Wages above the Social Security wage base are not subject to the Social Security tax.
Form W-2 Instructions (continued) Form W-2 Reference Guide for Common Box 12 Codes For Boxes 12 and 14, choose the code from the drop-down menu and enter the dollar amount. If there are more than 4 items in Box 12, enter the items that impact the tax return (Code D, E, G, P, Q, T, W, AA, BB, EE).(Code D, E, G, M, N, P, Q, T, W, AA, BB, EE).
8 maj 2024 · Whether you complete Forms W-2 on your own, use payroll software, or have a tax preparer, you should be semi-fluent in knowing how to fill out Form W-2. As a generalization, Form W-2 boxes show identification, taxable wages, taxes withheld, and benefits information.
10 cze 2024 · For official IRS instructions on how to fill out a W-2 form, go to www.irs.gov/forms-pubs/about-form-w-2. Wondering how to fill out a W-2 form for an employee? This hands-on guide cuts through the complexity to provide you with a straightforward, step-by-step approach to complete each section.
Box 1 shows your taxable income, including wages, salary, tips, and bonuses, while Box 2 shows how much federal income tax your employer withheld from your pay. Box 3 details how much of your earnings were subject to Social Security tax and Box 4 the amount of Social Security tax that was withheld.
