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Bulletin G 7.0 January 10, 2013-Page 1 of 2 Form W-2 Reporting The Affordable Care Act requires employers to report the cost of coverage under an employer sponsored group health plan, beginning with

How to fill out g 70 form w-2

How to fill out G-70 Form W-2:

1. Gather necessary information: Before starting to fill out the form, make sure you have all the relevant information. This includes the employer's name, address, and employer identification number (EIN), as well as your personal information such as your name, address, and social security number.
2. Complete the employer information: Begin by entering the employer's information in the designated fields on the form. This includes the employer's name and address, as well as their EIN.
3. Fill in personal information: Enter your personal information, including your name, address, and social security number in the appropriate sections of the form. It is important to double-check the accuracy of this information.
4. Report wages and tips: In Box 1, report your total wages, tips, and other compensation received during the tax year. This includes any taxable fringe benefits. Make sure to accurately calculate and report this amount.
5. Report federal income tax withheld: Box 2 requires reporting the total federal income tax withheld from your paycheck throughout the year. Your employer should provide you with this information on your W-2 form.
6. Report Social Security wages: Box 3 is used to report the total amount of wages that are subject to Social Security tax. This amount may differ from your total wages if you had any wages that are exempt from Social Security tax.
7. Report Social Security tax withheld: Box 4 should show the total amount of Social Security tax that was withheld from your salary during the year. This should be provided by your employer.
8. Report Medicare wages and tips: Box 5 is used to report the total amount of wages subject to Medicare tax. Generally, this amount should be the same as your total wages in Box 1.
9. Report Medicare tax withheld: Box 6 requires reporting the total amount of Medicare tax withheld from your wages. This should be provided by your employer.
10. Additional reporting: There are additional boxes on the form where you may need to report other taxes or information, such as state and local income taxes withheld. Make sure to review the instructions accompanying the form to determine if any additional reporting is required.

Who needs G-70 Form W-2:

1. Employers: Employers are required to fill out Form W-2 for each employee who worked for them during the tax year. This form is used to report employees' wages, tips, and other compensation, as well as the taxes withheld from their pay.
2. Employees: Employees need Form W-2 for their personal tax purposes. It provides important information for filing their federal and state income tax returns, including reporting their income and calculating their tax liability. It also helps verify that the correct amount of taxes was withheld from their pay.

Please note that the above information is intended for general purposes only and should not be considered as professional tax advice. It is recommended to consult with a tax professional or the IRS for specific instructions and guidance related to your individual situation.

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What is g 70 form w-2?

It is a tax form used to report wages paid to employees and the taxes withheld from those wages.

Who is required to file g 70 form w-2?

Employers are required to file g 70 form w-2 for each employee to report their annual wages and tax information.

How to fill out g 70 form w-2?

Employers must fill out g 70 form w-2 with the employee's personal information, wages earned, taxes withheld, and other relevant details.

What is the purpose of g 70 form w-2?

The purpose of g 70 form w-2 is to report wage and tax information to the IRS and the employee.

What information must be reported on g 70 form w-2?

Information such as wages, tips, other compensation, federal income tax withheld, and social security and Medicare taxes must be reported on g 70 form w-2.