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Form W-2 Wage and Tax Statement Copy C for Employee s Records. (See Notice to Employee on back of Copy B) 2013 OMB No. 1545-0008 University of Pittsburgh 4200 Fifth Avenue Pittsburgh, PA 15260 7 Social

How to fill out understanding your w2

Point by point guide on how to fill out and understand your W-2:

1. Obtain your W-2 form: Your employer is responsible for providing you with a W-2 form, usually by the end of January. Make sure you receive it, as it is a crucial document for filing your taxes.
2. Verify your personal information: Check that your name, address, and Social Security number on the W-2 form are accurate. If you spot any errors, inform your employer to have them corrected.
3. Understand Box 1 - Wage, tips, and other compensation: This box displays the total amount of money you earned during the tax year, including salary, wages, and tips. It is essential to ensure this amount matches your actual income.
4. Review Box 2 - Federal income tax withheld: Box 2 illustrates the total amount of federal income tax that was withheld from your paycheck throughout the year. This amount comes directly from your paycheck and contributes to your overall tax liability or refund.
5. Examine Box 3 - Social Security wages: Box 3 encompasses the total wages subject to Social Security tax. This figure might be different from Box 1 if you reached the Social Security wage base limit for the year.
6. Check Box 4 - Social Security tax withheld: Box 4 shows the amount of Social Security tax withheld from your earnings for the year. This tax is calculated based on a specific percentage of your wages up to the Social Security wage base limit.
7. Understand Box 5 - Medicare wages and tips: Similar to Box 3, Box 5 displays the total wages subject to Medicare tax. It may differ from Box 1 if you earned above a specific threshold.
8. Verify Box 6 - Medicare tax withheld: Box 6 represents the amount of Medicare tax withheld from your income. The tax rate is a fixed percentage of your Medicare wages and tips.
9. Review state and local information: Depending on your state, Boxes 15-20 contain information related to state and local taxes, such as state wages, state income tax withholding, and local taxes. Ensure the values are accurate for proper tax filing.
10. Keep copies and file accordingly: Once you have thoroughly reviewed and understood your W-2 form, keep a copy for your records. Use the information from the W-2 to complete your federal and state tax returns accurately. If you have any questions or discrepancies, contact your employer or seek assistance from a tax professional.

Who needs understanding your W-2?

1. Employees: Anyone who has received wages, salary, or tips from an employer during the tax year needs to understand their W-2 form. It provides crucial information for accurately filing their income taxes.
2. Taxpayers: Individuals who are required to file federal and state income taxes must understand their W-2 form to report their income, tax withholdings, and other necessary information.
3. Employers: Employers should also have a comprehensive understanding of W-2 forms to accurately fill them out for their employees. This ensures that employees receive correct information and enables accurate tax reporting.

For pdfFiller’s FAQs

What is understanding your w2?

Understanding your W2 involves comprehending the information provided on your W2 form, such as wages earned, taxes withheld, and other financial details.

Who is required to file understanding your w2?

All employees who receive wages or salary from an employer are required to receive a W2 form and understand its contents.

How to fill out understanding your w2?

To fill out your W2, review each section carefully and ensure all information is accurate. You may need to report additional income or deductions to complete the form accurately.

What is the purpose of understanding your w2?

The purpose of understanding your W2 is to ensure that you have accurate information about your earnings, withholding, and tax obligations for the year.

What information must be reported on understanding your w2?

Information such as wages, tips, other compensation, federal and state tax withholdings, and any other deductions or credits must be reported on your W2 form.

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