Get the free W-2 Wage and Tax Statement 2016

W-2 Wage and Tax Statement 2016 Form c Employer s name, address, and ZIP code e Employee s name, address, and ZIP code Sough. 7 Social security tips 1 Wages, tips, other comp. 2 Federal income tax

How to fill out w-2 wage and tax

How to Fill Out W-2 Wage and Tax:

1. Obtain the necessary forms: To fill out the W-2 wage and tax form, you will need to have the official form provided by the Internal Revenue Service (IRS). You can download the form from the IRS website or pick up a physical copy from your local IRS office.
2. Gather employee information: Before starting to fill out the form, gather all the necessary employee information. This includes full name, Social Security number, address, and other relevant personal information. It's important to have this information accurate and up-to-date.
3. Enter employer information: Begin by filling out the employer's information section on the form. This includes the employer's name, address, and Employer Identification Number (EIN). The EIN is a unique identifier assigned by the IRS to businesses for tax purposes.
4. Report employee wages: In the "wages, tips, and other compensation" section of the form, you will need to report the total wages paid to the employee during the tax year. This includes regular wages, tips, bonuses, commissions, and any other taxable income. Calculate the total accurately and ensure it is entered in the correct box.
5. Withholdings for taxes: The next section of the form deals with various tax withholdings. You will need to report the federal income tax withheld from the employee's wages during the year in box 2. Similarly, report any state and local income tax withheld in the respective boxes.
6. Social Security and Medicare wages: In separate boxes, report the employee's Social Security wages and Medicare wages. These figures may be the same as the wages reported in earlier sections or may be adjusted depending on certain factors.
7. Contributions to retirement plans: If the employee made contributions to any retirement plans such as a 401(k) or IRA, report the applicable amounts in box 12 of the form. Different codes are used to indicate the type of plan and the amount contributed, so be sure to use the correct code.
8. Employer contributions: If the employer made any contributions to the employee's retirement plan or provided other fringe benefits, such as health insurance premiums, report those in the appropriate boxes on the form.
9. Complete the form and distribute copies: Once you have filled out all the necessary information, double-check for accuracy and completeness. Make copies of the completed form - one for the employee, one for the Social Security Administration, and one for state/local tax agencies if applicable. Keep a copy for your records as well.

Who needs W-2 Wage and Tax:

1. Employers: Employers who have paid wages to their employees are required to fill out the W-2 wage and tax form. This includes businesses of all sizes, nonprofit organizations, government entities, and household employers who have paid household employees over a certain threshold.
2. Employees: Employees need the W-2 wage and tax form to accurately report their income and file their personal tax returns with the IRS. The form provides them with important information about their wages, tax withholdings, and contributions to retirement plans, which they need for proper tax reporting.
3. Social Security Administration: The Social Security Administration uses the W-2 wage and tax form to track individual earnings and ensure accurate records for Social Security benefits and Medicare eligibility. They receive copies of the form directly from employers to cross-reference with their records.
4. State and local tax agencies: State and local tax agencies may require copies of the W-2 form to monitor income tax liabilities and ensure compliance with state and local tax regulations. These agencies use the information provided on the form to verify income and assess appropriate taxes.

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