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PAYROLL DEPARTMENT 310 Franklin Building 3451 Walnut Street Philadelphia, PA 19104-6284 215-898-6301 Wage and Tax Statement Information Worksheet (Social Security Number) (Date) New Address: For W-2

How to fill out wage and tax statement

How to fill out wage and tax statement:

1. Obtain the necessary forms: To fill out a wage and tax statement, you will need a Form W-2 provided by your employer. Make sure to request this form if you haven't received it already.
2. Review your personal information: Ensure that all the personal information on the Form W-2 is accurate, including your name, Social Security number, and address. Notify your employer if any information is incorrect.
3. Check the employer information: Verify that your employer's name, address, and employer identification number (EIN) are correct on the Form W-2. If there are any discrepancies, inform your employer so they can rectify the issue.
4. Report your wages: Box 1 of the Form W-2 displays your total wages for the year. Enter this amount accurately and double-check for any errors. If you have multiple jobs, make sure to include the wages from each employer.
5. Report federal income tax withheld: Box 2 of the Form W-2 shows the amount of federal income tax your employer withheld from your wages throughout the year. Enter this amount correctly, as it will impact your tax liability or refund.
6. Include other tax information: Depending on your situation, you may need to report additional tax-related information on the Form W-2. For example, if you received tips or allocated tips, they should be reported in Box 7. If you received any noncash payments or certain benefits, they may need to be reported in other boxes.
7. Report state and local income tax: If you're subject to state or local income tax, there might be specific boxes on the Form W-2 to enter these amounts. Refer to the instructions provided with the form for guidance on reporting these taxes accurately.
8. Review and submit the form: Once you have filled out all the necessary information on the Form W-2, carefully review it for any errors or omissions. If everything is accurate, sign and date the form. Keep a copy for your records and submit the original to the appropriate tax authorities by the required deadline.

Who needs wage and tax statement:

1. Employees: If you have been employed and received wages from an employer, you will need a wage and tax statement. This statement, also known as a Form W-2, is essential for accurately reporting your income and taxes when filing your personal tax return.
2. Self-employed individuals: Self-employed individuals who pay themselves wages or salaries from their business may also need to prepare a wage and tax statement for themselves. In this case, the statement would serve as a record of the income earned and the taxes withheld from their own pay.
3. Contractors and freelancers: If you work as an independent contractor or freelancer, you may not receive a Form W-2. Instead, you might receive a Form 1099-MISC or a similar document from each client who paid you $600 or more during the tax year. While not technically a wage and tax statement, these forms serve a similar purpose by reporting your income to the tax authorities.

Note: The necessity of a wage and tax statement may vary depending on your jurisdiction and specific circumstances. It's always advisable to consult with a tax professional or refer to the applicable tax laws to determine your specific requirements.

For pdfFiller’s FAQs

What is wage and tax statement?

Wage and tax statement, also known as Form W-2, is a document provided by employers to employees summarizing the wages earned and taxes withheld during the year.

Who is required to file wage and tax statement?

Employers are required to file wage and tax statements for each employee who earned wages during the year.

How to fill out wage and tax statement?

Employers must accurately report the employee's wages, tips, and other compensation, as well as any taxes withheld, on Form W-2.

What is the purpose of wage and tax statement?

The purpose of the wage and tax statement is to report income and taxes withheld to both the employee and the IRS for tax purposes.

What information must be reported on wage and tax statement?

The wage and tax statement must include the employee's total wages, tips, and other compensation, as well as any federal and state taxes withheld.

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