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2012 Form W2 Explanation of Information Box 1. This is your Federal taxable compensation. This amount has been adjusted for any amounts shown in boxes 10, 14 (excluding educational assistance), and
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What is form w2 - explanation?
Form W-2 is a tax form used by employers to report wages, tips, and other compensation paid to employees. It includes information such as the employee's name, Social Security number, and total earnings for the year.
Who is required to file form w2 - explanation?
Employers are required to file Form W-2 for each employee to whom they have paid wages, salaries, tips, or other forms of compensation during the tax year.
How to fill out form w2 - explanation?
To fill out Form W-2, employers need to provide the employee's personal information, including their name, address, and Social Security number. They also need to report the employee's wages, tips, and other compensation, as well as any taxes withheld. The completed form should be provided to the employee and filed with the Social Security Administration.
What is the purpose of form w2 - explanation?
The purpose of Form W-2 is to report an employee's annual earnings and the amount of taxes withheld from their paycheck. It is used by the employee to file their individual tax return and by the IRS to verify income and tax payments.
What information must be reported on form w2 - explanation?
Form W-2 requires reporting of the employee's wages, tips, and other compensation, as well as any federal, state, and local income taxes withheld, Social Security and Medicare taxes, and other deductions such as retirement contributions.
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