Box 4: The total Social Security taxes withheld from your pay for the year. Unlike federal income taxes, Social Security taxes are calculated based on a flat rate of 6. Box 6: The total amount of Medicare tax withheld from your pay for the year.
Much like Social Security taxes, Medicare taxes are also figured on a flat rate, which is 1. Box 8: This shows any allocated tips that your employer has figured attributable to you. These are considered as income. Box 9: This is blank, as this requirement has expired. Box Reports the total amount deducted from your wages for dependent care assistance programs. It may also include contributions made by your employer for dependent care on your behalf.
Box Reports several different types of compensation and benefits. It will indicate a single or double letter code followed by a dollar amount. Box Your employer checks the applicable box that pertains to you as an employee. Statutory employee means employees whose earnings are subject to Social Security and Medicare taxes but not federal income tax withholding. Box Indicates the total amount of taxable wages for state tax purposes, if you are subject to state income taxes.
Box Shows the total amount of state taxes withheld from your wages for the year. However, under a new law that kicked in beginning in , an employer must withhold additional Medicare tax of. Since your employer doesn't know your entire financial picture, it's possible under the new law that you may have to pay more additional Medicare taxes than your withholding depending on filing status, compensation and self-employment income.
Tips which were reported to your employer will be found in box 7. If this box is blank, it means that you did not report tips to your employer this doesn't mean that you don't have to report those tips to IRS.
Allocated tips reported in box 8 are those that your employer has figured are attributable to you. Those tips are considered income to you. There won't be anything in box 9. The reporting requirement for that box expired a few years ago and the box hasn't yet been removed from the form go figure. At box 10 , your employer will report the total of any benefits paid on your behalf under a dependent care assistance program.
Box 11 is used to report amounts which have been distributed to you from your employer's non-qualified deferred compensation plan this amount is taxable.
This isn't to be confused with amounts contributed by you. That shows up in box Box 12 is the kitchen sink of form W-2 reporting.
Here, you'll see all kinds of codes. Not all of the income coded at box 12 is taxable. Here's a quick rundown of the codes :. G - Elective deferrals and employer contributions including nonelective deferrals to a section b deferred compensation plan. W - Employer contributions including employee contributions through a cafeteria plan to an employee's health savings account HSA. Elective deferrals Code D are extremely popular. As noted above, these amounts will generally be included at box 3 and box 5 even if they are excluded from wages at box 1.
The cost of employer-sponsored health coverage is reported using Code DD. This amount is reportable under the Affordable Care Act but it is not taxable to you. Excludable moving expenses Code P for qualified costs are an example of benefits which will be reported by your employer but are not taxable to you. If reimbursements are non-qualified, they will be reported as income to you in boxes 1, 3, and 5.
Box 13 really isn't one box: it's a series of three boxes. Your employer will check the applicable box if you are a statutory employee employees whose earnings are subject to Social Security and Medicare taxes but not federal income tax withholding ; if you participated in your employer's retirement plan during the year; or if you received sick pay under your employer's third-party insurance policy. Box 14 is a "catch all" box. Your employer reports anything here that doesn't fit anywhere else on the form W Examples include state disability insurance taxes withheld, union dues, health insurance premiums deducted and nontaxable income.
Box 15 is very straightforward and includes your employer's state and state tax identification number. If you work in a state without a reporting requirement, this box along with boxes 16 and 17 will be blank. If you had multiple withholdings in a number of states, more than one box will be filled.
Whether you have a simple or complex tax situation, we've got you covered. Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. What is a W-4 Form? Claiming the Foreign Tax Credit with Form What is the IRS Form ?
Estimate your tax refund and where you stand Get started. See if you qualify for a third stimulus check and how much you can expect Get started. Easily calculate your tax rate to make smart financial decisions Get started. Estimate your self-employment tax and eliminate any surprises Get started. Know what dependents credits and deductions you can claim Get started. Know what tax documents you'll need upfront Get started. You use the W-2 to file your tax return. Form W-2 shows more than just what you were paid.
It also details how much you contributed to your retirement plan during the year, how much your employer paid for your health insurance, or even what you received in dependent care benefits. All of that data affects your tax picture — your retirement contributions might not be taxable , for example. Box 1: Details how much you were paid in wages, tips and other compensation. Box 2: Shows how much federal income tax was withheld from your pay.
Box 3: Shows much of your pay in Box 1 was subject to Social Security tax. Box 4: Shows how much Social Security tax was withheld from your pay. Box 5: Shows much of your pay in Box 1 was subject to Medicare tax. Box 6: Shows how much Medicare tax was withheld from your pay.
Box 7: Shows much of the tip income you reported to your employer those tips are included in Box 1 was subject to Social Security tax. Box 8: Shows the amount of other tips your employer allocated to you. This pay isn't included in Box 1. Learn how to report tips on your income tax return.
0コメント