Get the free 2017 Form W2 - Explanation of Information

2017 Form W2 Explanation of Information 1. This is your Federal taxable compensation. This amount has been adjusted for any amounts shown in boxes 10, 14 (excluding educational assistance), and codes

How to fill out 2017 form w2

How to fill out 2017 Form W-2:

1. Start by gathering all the necessary information such as the employer's identification number (EIN), employee's Social Security number, and personal details.
2. Input the employer's information at the top of the form, including their name, address, and zip code.
3. Fill in the employee's information, including their name, address, and Social Security number, ensuring accuracy to avoid any discrepancies.
4. Report the wages and compensation earned by the employee in the designated boxes on the form. This includes not only the regular salary but also any bonuses, tips, or other taxable income.
5. Calculate and enter the amount of Federal income tax withheld from the employee's pay during the year in Box 2. This information can be obtained from payroll records or pay stubs.
6. Determine and input the amount of Social Security wages and Medicare wages in Boxes 3 and 5, respectively. These amounts may differ from the total wages reported in Box 1 due to certain exclusions and limitations.
7. If applicable, report any allocated tips, dependent care benefits, and other relevant information in the appropriate boxes on the form.
8. Review the completed Form W-2 for accuracy and make any necessary corrections before providing copies to employees and filing with the Social Security Administration (SSA).
9. Keep a copy of Form W-2 for your records as an employer, also known as Copy D.
10. Lastly, distribute the appropriate copies of Form W-2 to employees by the provided deadline.

Who needs 2017 Form W-2:

1. Employers who paid wages of $600 or more to their employees during the tax year are required to provide a copy of Form W-2 to both the employee and the Social Security Administration.
2. Each employee who received income subject to income tax withholding, Social Security tax, or Medicare tax must receive a copy of Form W-2 from their employer.
3. Form W-2 is necessary for employees to accurately report their income, claim tax refunds, or fulfill their tax obligations when filing their individual income tax returns.

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What is form w2 - explanation?

Form W-2 is a tax form used by employers to report wages paid to employees and payroll taxes withheld from those wages. It provides information needed for employees to file their individual income tax return.

Who is required to file form w2 - explanation?

Employers are required to file Form W-2 for each employee who has wages subject to income, social security, or Medicare taxes.

How to fill out form w2 - explanation?

Employers must fill out Form W-2 with the employee's personal information, wages earned, and taxes withheld. They must also provide copies to the employee and submit to the Social Security Administration.

What is the purpose of form w2 - explanation?

The purpose of Form W-2 is to report the wages paid to employees and the taxes withheld from those wages to the IRS and Social Security Administration.

What information must be reported on form w2 - explanation?

Form W-2 must include the employee's name, address, social security number, wages earned, federal income tax withheld, Social Security and Medicare wages and taxes, and any other relevant information.