Get the free Top 10 Form W-2 reporting questions for 2013 - Ernst & Young

Top 10 Form W-2 reporting questions for 2013 Top 10 Form W-2 reporting questions for 2013 By Debra Salem (CPP), Thomas Meyer her and Deborah Spoken, Ernst & Young LLP; and Brian Farrington, Esq.,

How to fill out top 10 form w-2

How to fill out top 10 form W-2:

1. Gather necessary information: Before filling out the form W-2, make sure you have all the required information handy, including your employer's name, address, and employer identification number (EIN), as well as your own personal details such as name, address, and Social Security number.
2. Obtain your wage and tax statements: Your employer is responsible for providing you with Form W-2, which summarizes your earnings and withholdings for the year. Ensure that you receive this form from your employer before attempting to fill it out.
3. Fill in your personal information: Start by filling in your personal details at the top of the form, including your name, address, and Social Security number.
4. Enter your employer's information: Next, enter your employer's name, address, and EIN in the designated spaces on the form. This information can typically be found on your pay stub or by contacting your employer's HR or payroll department.
5. Report your wages: Box 1 of the form W-2 is where you report your total taxable wages for the year. This includes your salary, tips, bonuses, commissions, and other forms of compensation. Enter this amount accurately to ensure proper reporting.
6. Calculate your federal income tax withholding: Box 2 of the form W-2 indicates the amount of federal income tax withheld from your earnings throughout the year. If you are unsure about this amount, refer to your pay stubs or consult your employer's payroll department.
7. Provide information on Social Security and Medicare taxes: Boxes 3 and 4 of the form W-2 highlight the Social Security and Medicare taxes withheld from your wages. These amounts are typically a percentage of your income. Again, you can refer to your pay stubs or consult your employer for accurate figures.
8. Report any additional income: If you have received any additional forms of income, such as tips or other taxable fringe benefits, they must be reported in the appropriate boxes on the form W-2.
9. Review for accuracy: Double-check all the information you have entered on the form W-2 to ensure accuracy. Any mistakes or omissions could potentially lead to tax discrepancies or delays in processing your tax return.
10. Distribute copies as necessary: After completing the form W-2, you must distribute copies to the appropriate recipients. Provide copies to your employees, the Social Security Administration, and your state tax department if required.

Who needs top 10 form W-2?

1. Employees: All employees who have received wages, salaries, or any other form of compensation from their employers during the year need to receive a form W-2. This form is necessary for individuals to accurately report their income and fulfill their tax obligations.
2. Employers: Employers are responsible for providing form W-2 to their employees. It is essential for ensuring that employees have the necessary information to file their income tax returns correctly. Employers must also submit copies of the form to the Social Security Administration and state tax authorities.
3. Independent Contractors: Although employees primarily receive form W-2, independent contractors who have earned more than $600 from a particular client or employer may receive form 1099-MISC instead. However, if an independent contractor has been misclassified as an employee, they may still receive form W-2.

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