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IRS Form W-2 Guide: Understand How To Fill Out a W-2 Form

Adrian Borja

agosto 12, 2022

tax withheld

If you lose your password or credentials for accessing the online site, you can often request automated password recovery. If you still need help accessing your information online, or if you need to request a new paper copy, you should contact your payroll or HR supervisor. Third party network transaction means any transaction that is settled through a third-party payment network, but only after the total amount of such transactions exceeds the minimum reporting thresholds.

  • Original supporting documentation for dependents must be included in the application.
  • If you are an employer, you can order W-2 forms from the IRS or from an office supply store.
  • The amount for DeCAP is shown in Box 14 and Box 10.
  • The amount of the credit is listed farther down the form on line 19.
  • Social security wages are not always identical to the federal taxable gross wages reported in Box 1.
  • Qualified dividends are typically paid by individual stocks, mutual funds or ETFs that are based in the US.

Employers use W-2s to report FICA taxes for employees. If you receive a Form 1099-K for the sale of personal items or received a Form 1099-K in error, follow the chart below for reporting instructions. Tips that were reported to your employer will be found in box 7.

Form 1040

The left side of the Understanding Your Tax Forms is for reporting taxpayer information; the right side of the form is used to report financials and codes. The bottom of the form reports local and state tax information. A form W-2 is issued by an employer to an employee. That carries with it some significance and not only for tax reasons.


DeCAP contributions are subject to New York State and City taxes and must be added back to Box 1 when filing New York State and City tax returns. The wages subject to Medicare tax are the same as those subject to social security tax in Box 3, except there is no wage base limit for Medicare tax. It’s a good idea to keep each statement in a safe place.

OTR Customer Service Center

After the year is over, you will https://quick-bookkeeping.net/ a Form W-2 from each employer showing the amount of your total earnings and withholdings for the year. If you question the amounts shown, you can go back and compare your paycheck statements to the W-2 totals. Contact your employer if you don’t understand your statement or if your records don’t agree with the W-2. This is the mailing address that CalPERS currently has for you.

employer sponsored

You will need to indicate that at least one of the criteria for granting an extension applies. Sending forms late – Forms are required to be sent on or before January 31. If you send a form late or don’t send one at all, you can be fined between $50 – $260 per missing form depending on the length of time.

Understanding Your Taxes

Box 1 shows your total taxable income paid by your employer including any wages, salary, tips, bonuses and other taxable compensation. Box 2 shows the total amount of federal income tax withheld by your employer on your behalf. For employees, your W-2 is crucial when filing your annual tax return, as it provides vital information for filing and is required by the IRS to be attached to the front of yourForm 1040. You will also notice that you have received multiple copies of the form, each of which gets filed differently.

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