Get the free W-2 Wage and Tax Statement Something New on the 2012 Model! - ncsu

W-2 Wage and Tax Statement Something New on the 2012 Model! This is what IRS says This is what IRS means: Value of employer-sponsored plans for: Employee & employer paid health; plus, Critical Illness

How to fill out w-2 wage and tax

How to fill out w-2 wage and tax:

1. Start by obtaining a W-2 form from your employer. This form is typically issued to employees at the end of the year and summarizes the wages earned and taxes withheld.
2. Ensure that all the personal information on the W-2 form is accurate. This includes your name, Social Security number, and address. Any discrepancies should be immediately reported to your employer or Human Resources department.
3. Review Box 1, which displays your total wages for the year. Ensure that this amount matches your records and inform your employer if there are any discrepancies.
4. Verify the accuracy of Box 2, which captures the federal income tax withheld from your wages. This amount is determined based on factors like your tax withholding allowances and tax bracket. Make sure it aligns with your records.
5. Check Box 3 for the total amount of wages subject to Social Security tax. This includes both your own contributions and your employer's contributions. Ensure the amount matches your records.
6. Similarly, review Box 4 for the total amount of wages subject to Medicare tax. This also includes both your contributions and your employer's contributions. Confirm that the amount matches your records.
7. Examine the other boxes on the W-2 form, such as Box 5 for your employer's name and address, Box 6 for your employer's identification number, and Box 12 for additional information like retirement plan contributions or other fringe benefits.
8. Complete your own personal copy of the W-2 form and retain it for your records. This will help you when filing your own personal income tax return.

Who needs W-2 wage and tax:

1. Employees: All employed individuals who receive wages from their employers need the W-2 form to report their income and pay taxes. This includes full-time, part-time, and temporary employees.
2. Employers: Employers are responsible for issuing W-2 forms to each of their employees and submitting copies to the relevant tax authorities. They must provide the form to employees by January 31st of the year following the tax year to allow sufficient time for tax preparation.
3. Taxpayers: Individuals who are required to file income tax returns with the Internal Revenue Service (IRS) need the W-2 form to accurately report their total wages and the taxes withheld. This helps in calculating their tax liability or potential refund.

Note: The specific requirements and regulations surrounding W-2 forms may vary by country. It is essential to consult the appropriate tax authorities or seek professional advice for accurate and up-to-date information.

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