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Understanding Your W-2 Statement 2013 Matching your W-2 to your yearly gross wages. Below are some guidelines to help you understand your 2013 W-2 Statement, and the correlation between the different boxes

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How to fill out understanding your W-2 statement?

1. Obtain your W-2 statement - The first step to filling out your W-2 statement is to obtain a copy of it from your employer. They are required to provide this document to you by the end of January.
2. Review personal information - Once you have your W-2 statement, carefully review all the personal information listed. Check for any errors in your name, address, and Social Security number. If you notice any mistakes, notify your employer immediately, as accurate information is crucial for tax purposes.
3. Note basic details - Pay attention to the basic details mentioned in your W-2, such as the employer's identification number, the total wages earned, and the period covered by the statement. These details will help ensure the accuracy of your tax filing.
4. Understand wage and income information - Your W-2 statement will display various boxes that provide details of your wages and income. Box 1 will show your total taxable wages, while Box 3 will include your Social Security wages and Box 5 will show your Medicare wages. Take note of these values, as they are needed for filing your taxes correctly.
5. Identify pre-tax deductions - Your W-2 statement might list pre-tax deductions, such as contributions to a retirement plan or health insurance premiums. These deductions can lower your taxable income, so it's important to be aware of them when filing your taxes.
6. Declare federal, state, and local taxes withheld - Boxes 2, 17, and 19 on your W-2 statement will indicate the amount of federal, state, and local taxes withheld from your wages throughout the year. These values are used to determine if you owe additional taxes or if you are eligible for a tax refund.
7. Additional income and benefits - Some W-2 statements may include additional income or benefits, such as tips, bonuses, or stock options. Make sure to take note of these amounts, as they may impact your tax liability.

Who needs understanding your W-2 statement?

1. Employees - Any individual who works for an employer and receives wages is required to have a W-2 statement. Understanding this document is essential for accurately reporting income and filing taxes.
2. Self-employed individuals - Although self-employed individuals do not receive W-2 statements, it is important for them to understand this document when hiring employees or when dealing with contractors who may need to provide W-2 statements.
3. Taxpayers - Anyone who is required to file an income tax return should have a basic understanding of the W-2 statement. It is a critical document for accurately reporting income, determining tax liability, and ensuring compliance with tax laws.

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What is understanding your w-2 statement?

Understanding your w-2 statement involves knowing how to interpret the information on your W-2 form, which is a summary of your earnings and taxes withheld during the year.

Who is required to file understanding your w-2 statement?

All employees who receive wages or salary from an employer are required to receive a W-2 form and understand its contents.

How to fill out understanding your w-2 statement?

To fill out your W-2 statement, review the information provided by your employer and ensure that it accurately reflects your earnings, taxes withheld, and other relevant details.

What is the purpose of understanding your w-2 statement?

The purpose of understanding your W-2 statement is to ensure that you have accurate information about your income and taxes withheld, which is necessary for filing your tax return.

What information must be reported on understanding your w-2 statement?

Your W-2 statement must include details such as your total earnings, federal and state taxes withheld, Social Security and Medicare taxes, and other relevant information.