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W-2 Figures Explained (for Sage Businesswoman version 6.0 and later) OVERVIEW: If you are having difficulty determining how the figures on your employees W-2s are calculated, the table below will

How to fill out w-2 figures explained for

How to fill out W-2 figures explained for:

1. Gather necessary information: Before filling out the W-2 form, make sure you have all the required information handy. This includes the employer's identification number, employee's social security number, address details, and tax withholding information.
2. Enter employer information: Start by entering the employer's information in the designated fields on the W-2 form. This includes the employer's name, address, and identification number.
3. Provide employee information: Fill in the employee's information, including their name, social security number, and address. Double-check this information to ensure accuracy.
4. Report wage and salary income: Enter the total wages, tips, and other compensation received by the employee during the tax year in Box 1. This should include the employee's regular salary or hourly wages, as well as any bonuses or commission payments.
5. Include federal income tax withheld: Enter the total amount of federal income tax withheld from the employee's wages throughout the year in Box 2. This information can be obtained from the employee's pay stubs or payroll records.
6. Report social security and Medicare wages: Enter the employee's social security wages and Medicare wages separately in Boxes 3 and 5, respectively. These figures are usually the same as the amounts reported in Box 1, but there may be certain additions or subtractions depending on specific circumstances.
7. Include social security and Medicare taxes withheld: Enter the total amount of social security tax withheld from the employee's wages in Box 4 and the Medicare tax withheld in Box 6. These figures are typically calculated based on a fixed percentage of the employee's wages.
8. Enter other information: Depending on the employee's situation, additional boxes on the W-2 form may need to be filled out. This can include reporting dependent care benefits, retirement plan contributions, or any other relevant information.
9. Review and verify information: Double-check all the figures entered on the W-2 form for accuracy. Any mistakes or discrepancies should be corrected before submitting the form to the employee and the IRS.

Who needs W-2 figures explained for:

1. Individuals filing taxes: Anyone who has received a W-2 form from their employer needs to understand how to interpret and utilize the figures provided. This includes individuals who are employed, receive wages, and have income tax withheld.
2. Employers and HR personnel: Employers and personnel responsible for payroll and tax withholding must understand how to accurately fill out W-2 forms for their employees. This helps ensure compliance with tax regulations and proper reporting to the IRS.
3. Tax professionals: Tax professionals, such as accountants and tax preparers, need a thorough understanding of the W-2 form and its figures to assist their clients in accurately filing their tax returns. They must provide guidance and explain the implications of the W-2 figures to minimize errors and maximize tax benefits for their clients.

For pdfFiller’s FAQs

What is w-2 figures explained for?

W-2 figures are used to report an employee's annual wages and the amount of taxes withheld from their paycheck.

Who is required to file w-2 figures explained for?

Employers are required to file W-2 figures for each of their employees.

How to fill out w-2 figures explained for?

Employers must fill out W-2 forms with the employee's personal information, wages earned, and taxes withheld.

What is the purpose of w-2 figures explained for?

The purpose of W-2 figures is to report income and tax information to the employee and the IRS.

What information must be reported on w-2 figures explained for?

W-2 figures must include the employee's wages, tips, other compensation, federal and state tax withholdings, and other details.

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