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Course Westward-2 is the annual "Wage and Tax Statement" that reports your taxable income earned from an employer to y'all and to the Internal Revenue Service (IRS). The form too includes taxes withheld from your pay, besides as Social Security and Medicare payments made on your behalf by both you and your employer.

All of these taxes are withheld from your pay. They're then submitted to federal and country taxing authorities on your behalf. Multiple boxes announced on the form, each citing a certain portion of your earnings and withholding. Each box is labeled. Understanding what each of these notations means tin make the process of correctly transferring the information to your tax return much easier.

Definition and Example of Form W-2

Earnings are reported to the recipient, too to the IRS, on a serial of advisory forms each year. The Westward-2 is used only for employee earnings from which taxes have been withheld. It informs employees of the income they must claim on their tax returns and the payments they've already made through withholding.

Form West-2 also advises the IRS as to how much income the employee should be claiming and confirms what they've paid in taxes.

Who Uses a W-2 Course?

Employees are required to report all wages earned from their jobs on their almanac taxation returns. You lot should receive a Course W-ii from your employer, whether you're a part-time or full-time worker, if you lot've earned $600 or more than in income from that company during the taxation yr.

You should receive 3 copies of your West-2, Copies B, C, and two, detailing what y'all were paid and what was withheld:

Copy A is submitted to the Social Security Administration by your employer.
Attach Copy B to your federal income revenue enhancement return if you're mailing information technology in. Proceed information technology with your other taxation documents for at least iv years if you e-file your return.
Go on Copy C with your tax documents for at least four years likewise. This is officially your re-create.
Attach Copy ii to your state tax return if you're mailing it in. Otherwise, keep it with your taxation documents for at to the lowest degree four years every bit you would with Re-create B.

Where to Become Form W-2

Employers must prepare a Form W-2 for each eligible employee. They must provide copies to the IRS and to the Social Security Assistants. Employers must mail or hand deliver your Form Westward-2 to yous no later than Jan 31 for the previous taxation year—for example, Jan 31, 2023, for 2022 earnings. It was due January 31, 2022, for 2021 earnings.

What to Practise if Yous Don't Receive Form Due west-two

Ask your employer when Forms Due west-ii were mailed out to employees if you don't receive yours by mid-February. You tin can also ask for another printed copy of your W-2. Some employers may accuse a nominal fee for providing you lot with an additional copy.

Yous might want to contact the IRS for assistance at 800-829-1040 if you think information technology's possible that your employer did not send out W-2s or if your employer refuses to requite one to y'all. Brand sure you have certain data ready at your fingertips, including:

Your employer's name and consummate accost
Your employer's telephone number
Your employer's identification number (EIN), if you know it

You lot should also be able to provide at least an guess of the wages you earned, the federal income tax that was withheld, and the dates that you began and ended employment if you lot're no longer working there. This information should be available on your pay stubs.

The IRS might ask you to file a Grade 4852 with your tax return if y'all're unable to go your W-ii from your employer. This grade acts as a substitute for Form W-2.

You lot can also inquire your employer to correct any wrong information on your Grade West-2. Your Social Security number might be incorrect, your proper noun might be misspelled, or your wages and withholding amounts might be inaccurate.

How to Read Your W-ii Grade

Boxes A through F all provide identifying data: your Social Security number, your employer'due south revenue enhancement ID number or EIN, everyone'due south addresses, and their full legal name. Box D is a command number that identifies your unique Form Due west-2 certificate in your employer'southward records.

The numbered boxes on Class W-2 tape your financial information:

Box 1 reports your total taxable wages or salary. The number as well includes any tips you lot reported to your employer, bonuses, and other taxable compensation. Taxable fringe benefits such as grouping term life insurance are included here, merely Box 1 does not include any pretax benefits such as savings contributions to a 401(k) plan, a 403(b) program, or health insurance. The number that appears in Box 1 is reported on Line 1 of the 2021 Grade 1040.
Box ii reports how much your employer withheld from your paychecks for federal income taxes. This number is reported on Line 25a of Course 1040.

Box 3 reports the total amount of your wages that are subject to Social Security tax. This tax is assessed on wages upward to $142,800 as of tax year 2021, increasing to $147,000 in 2022. This "wage base" is adjusted annually to accommodate for inflation. Check with your employer if Box 3 shows an corporeality over the wage base. Tips that you've reported to your employer should not be included in Box 3. They're reported in Box 7.
Box 4 reports the total amount of Social Security taxes withheld from your paychecks. The figure shown in Box 4 should be no more than than $8,853.60 for 2021 because the Social Security tax is a apartment taxation rate of 6.2% on your wage income upwards to the $142,800 wage base of operations.

Box 5 reports the corporeality of your wages that are subject to the Medicare tax. There'south no maximum wage base for Medicare.
Box 6 reports how much in taxes was withheld from your paycheck for the Medicare tax. This is a flat charge per unit tax of ane.45% of your full Medicare wages equally of the 2021 and 2022 tax years. Y'all might find that the amount in Box 6 is greater than Box five multiplied past i.45% if y'all earn a pregnant income. The Additional Medicare Taxation adds an actress 0.9% for loftier earners.
Box 7 shows any tip income you've reported to your employer. Information technology will be empty if you lot didn't report any tips. Box 7 and Box 3 should add together upwards to the amount that appears in Box i if you don't have any pretax benefits, or it might be equal to the amount in Box 5 if you practise receive pretax benefits. The full of Boxes vii and Box iii should not exceed the Social Security wage base. The amount from Box 7 is already included in Box 1.

Box eight reports whatsoever tip income that was allocated to you by your employer. This amount is not included in the wages that are reported in Boxes 1, 3, 5, or 7. Instead, yous must add your allocated tips to your taxable wages on Line i of your Form 1040. Y'all must calculate your Social Security and Medicare taxes including this tip income using IRS Class 4137.
Box 10 reports any amounts y'all might accept been reimbursed for dependent care expenses through a flexible spending business relationship (FSA), or the dollar value of dependent intendance services provided to you lot by your employer. Reimbursements and services under $v,000 aren't taxable. Any amount over $5,000 should be reported every bit taxable wages in Boxes 1, 3, and 5. Dependent intendance benefits are reported on Class 2441.

Box 11 reports any payments that were distributed to yous from your employer'south non-qualified deferred compensation plan or a not-regime Department 457 pension program. The amount in Box 11 is already included every bit taxable wages in Box 1.
Box 12 applies to deferred compensation and other compensation. Several types of bounty and benefits can be reported in Box 12, so the IRS has simplified this as much every bit possible by allowing your employer to enter a single letter or double letter code followed by the dollar amount of your compensation. Inquire your employer to decide what the lawmaking means.

Box 13 includes three check boxes. The offset will be marked off if you're a statutory employee. This means that you would report the wages from this Westward-2, and any other W-two forms you receive that are marked "statutory employee," on Schedule C of Form 1040. Your wages aren't bailiwick to income tax withholding, so you should see a nil in Box ii, or it should be bare. Earnings are subject to Social Security and Medicare tax, however, and so Boxes 3 through 6 should be filled out. These boxes will also be checked if you participated in your employer's retirement plan during the tax year, and they'll exist checked if y'all received 3rd-political party sick pay under your employer's third-party insurance policy. Sick pay isn't included in your Box i wages, although it is commonly subject to Social Security and Medicare taxes.

Your employer might report additional tax information in Box 14. Any amounts reported in this box should include a brief description of what they're for. Union dues, employer-paid tuition help, or subsequently-revenue enhancement contributions to a retirement program can be reported hither.
Box fifteen reports your employer's state and state taxation identification number.
Box xvi reports the total taxable wages you lot earned in that state. At that place might be multiple lines of information here if you worked for the same employer in multiple states.

Box 17 reports the full amount of land income taxes withheld from your paychecks for the wages reported in Box 16. These taxes might exist deductible every bit part of the deduction for state and local income taxes on Schedule A of the IRS Form 1040 if you lot itemize your federal deductions.
Box 18 reports wages that are subject to local, city, or other country income taxes.
Box 19 reports the total taxes withheld from your paychecks for local, city, or other state income taxes. This corporeality might also be deductible as part of the deduction for state and local income taxes if you lot itemize your federal deductions on Schedule A.

Box 20 provides a brief description of the local, metropolis, or other land tax beingness paid. The description might identify a item city or it might identify a state tax such as state inability insurance (SDI) payments.

How to File Your Form W-2

Enter the amounts in each box on the advisable line of your tax return. Add together the boxes together if you're married and filing a joint return and if both you lot and your spouse accept W-2s.

Primal Takeaways

Grade W-2 reports earnings from employment, and taxes withheld from those earnings, to both an employee and to the IRS.
Employees use this data to set up their annual tax returns.
Employers generally have until January 31 to send employees West-2 forms for the previous tax twelvemonth.
Yous tin contact the IRS at 800-829-1040 if an employer won't or doesn't give you a Form W-2 by mid-February of the new year.

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Source: https://www.thebalance.com/understanding-form-w-2-wage-and-tax-statement-3193059

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