Get the free Top 10 Form W-2 frequently asked questions for 2015 - EY

Top 10 Form W2 frequently asked questions for 2015 T o p 1 0 F o r m W 2 f r e q u e n t LY an s k e d q u e s t ion s f o r 2 0 1 5 By Debra Salem (CPP) and Deborah Spoken (CPP, CPA), Ernst & Young

How to fill out top 10 form w-2

How to Fill Out Top 10 Form W-2:

1. Gather necessary information: Before starting the process, make sure you have all the required information handy. This includes your personal details, such as your name, address, and Social Security number, as well as your employer's information.
2. Understand the sections: The W-2 form consists of several sections that need to be completed accurately. Familiarize yourself with each section, including the boxes for reporting income, taxes withheld, and any additional information required.
3. Provide personal details: Begin by filling out the top portion of the form, providing your name, address, and Social Security number. Double-check these details for any errors or typos.
4. Report income information: Move on to the income section of the form. Box 1 should contain your total wages, tips, and other compensation received during the tax year. Box 2 is for reporting federal income tax withheld, which can be found on your pay stubs or annual statement from your employer. Include any other applicable income in the boxes provided.
5. Declare tax withholding: In boxes 3 to 6, report the Social Security wages, Social Security tax withheld, Medicare wages, and Medicare tax withheld, respectively. These figures should reflect the amounts withheld from your paycheck for these taxes.
6. Include additional information: Certain situations may require additional information to be provided on the form. For example, if you received tips, have a retirement plan, or are subject to other special tax provisions, complete the relevant sections accordingly.
7. Review and verify the details: Once you have filled out all the necessary sections, take a moment to review the form for any mistakes or omissions. Ensure that all the information is accurate and matches your records.
8. Submit copies: Keep a copy of the completed W-2 form for your records. Submit copies to the appropriate parties, such as your employer, state revenue department, and the Social Security Administration, as required.

Who Needs Top 10 Form W-2?

1. Employees: All employees who receive wages, salaries, tips, or any other form of compensation from an employer during the tax year will need to fill out a W-2 form.
2. Employers: Employers are responsible for providing a W-2 form to each of their employees. They must accurately report the employee's income and tax withholding information on the form.
3. Independent contractors: Independent contractors who receive income from clients are not issued W-2 forms. Instead, they receive a Form 1099-MISC or other appropriate forms to report their earnings.
4. Government agencies: Government agencies use W-2 forms to verify income and tax information for various purposes, including auditing, tax enforcement, and eligibility determinations for government benefits.
5. Tax authorities: Tax authorities, such as the Internal Revenue Service (IRS) in the United States, require individuals to submit W-2 forms as part of their annual income tax filings.

In summary, anyone who receives wages, salaries, or compensation from an employer needs to fill out a W-2 form. Both employees and employers have specific roles in the process, ensuring accurate reporting of income and tax information.

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What is top 10 form w-2?

The top 10 form W-2 is a tax form used by employers to report wages paid to employees and taxes withheld from those wages.

Who is required to file top 10 form w-2?

Employers are required to file the top 10 form W-2 for each employee to whom they paid wages during the year.

How to fill out top 10 form w-2?

To fill out the top 10 form W-2, employers need to input information such as employee's wages, tips, other compensation, and tax withholdings.

What is the purpose of top 10 form w-2?

The purpose of the top 10 form W-2 is to report wages and taxes withheld to the IRS and the employee for tax reporting purposes.

What information must be reported on top 10 form w-2?

Information that must be reported on the top 10 form W-2 includes employee's wages, tips, other compensation, federal income tax withheld, and more.