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This document explains how the figures on employees' W-2 forms are calculated within Sage BusinessWorks Accounting software, providing detailed breakdowns of different boxes and their contents.
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How to fill out w-2 figures explained
How to fill out W-2 Figures Explained
01
Locate your W-2 form, which is provided by your employer.
02
Identify the 'Wages, tips, other compensation' box that shows your total earnings.
03
Find the 'Federal income tax withheld' box to see the amount of federal tax taken from your paycheck.
04
Look for the 'Social Security wages' and 'Social Security tax withheld' boxes for details on contributions to Social Security.
05
Check the 'Medicare wages and tips' and 'Medicare tax withheld' boxes for Medicare contributions.
06
Review any state and local tax boxes if applicable, including your state income tax withheld.
07
Verify all figures are correct and match your pay stubs or other records.
08
Keep the W-2 form for your tax records and use it to complete your federal and state tax returns.
Who needs W-2 Figures Explained?
01
Employees who receive wages or salary from an employer.
02
Anyone who earns income that requires tax withholding.
03
Individuals who need to file a federal income tax return.
04
Any worker who needs to report earnings for Social Security and Medicare.
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People Also Ask about
What does W2S mean?
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.
What is W2 work in the US?
A W-2 employee is a formally employed individual working for a company or organization in the United States. W-2 employees are entitled to specific benefits and protections under U.S. law and are subject to tax withholdings such as Medicare and Social Security.
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What is W-2 Figures Explained?
W-2 Figures refer to the information reported on the W-2 form, which is used by employers to report wages paid to employees and the taxes withheld from those wages.
Who is required to file W-2 Figures Explained?
Employers who pay compensation to employees are required to file W-2 Figures for each employee, reporting their earnings and taxes withheld.
How to fill out W-2 Figures Explained?
To fill out a W-2 form, employers must provide the employee's personal information, details about their earnings and withholdings for the year, and submit copies to both the IRS and the employee.
What is the purpose of W-2 Figures Explained?
The purpose of W-2 Figures is to provide the IRS and employees with the necessary information regarding income and taxes withheld, ensuring proper tax reporting and compliance.
What information must be reported on W-2 Figures Explained?
The information that must be reported includes the employee's name, address, Social Security number, total earnings for the year, federal income tax withheld, Social Security wages, and Medicare wages.
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