Box 2Federal income tax withheldTaken from the Federal Withholding Year to Date in the Employee Summary window and Employee Tip Summary window. Box 3Social Security wagesTaken from the FICA Soc Sec Wages Year To Date field in the Employee Summary window. The system checks the maximum Social Sec...
Deductions like retirement can decrease the amounts in one or more of the boxes because they may be not subject to Federal Withholding, Social Security, or Medicare. Example of how this might impact the W-2 amounts Let’s look at an example of an employee who has a 401(k) deduction...
Box 1 is going to report your annual salary plus all bonuses and other types of compensation you receive. And box 2 will report the federal income taxes your employer has withheld from your paychecks throughout the year. Your tax withholding is important because it is commonly th...
A W-2 tax form shows important information about the income you’ve earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year. You use this form to file your federal and state taxes.
Box 2 — Federal Income Tax Withheld Enter the amount of federal income taxes that have been withheld from the employee’s paychecks throughout the year. Box 3 — Social Security Wages Include the total wages subject to Social Security tax. There’s a chance this number will be different fro...
Federal income tax withholding is based on the employee’s taxable wages and filing status. If your employee has a question about their refund amount or why they owe taxes, instruct them to Box 2. The IRS compares what the employee paid throughout the year in federal income taxes to their...
Box 13:This box has three sub-boxes designed to report pay not subject to federal income tax withholding for anemployer-sponsored retirement plansuch as aSIMPLE IRA, and sick pay via a third-party, such as an insurance policy. Box 14:An employer can report any additional tax information tha...
wage and tax information for their employees with the Social Security Administration (SSA) on W2 & W3 Forms. With ExpressIRSForms, Efiling yourW2 online, & W2c forms have never been easier. You can file with the required form injust a few simple stepsto both the federal and state ...
boxes 1-14 report federal income and withholdings while boxes 15-20 refer to state info. Don't worry if not every single box is filled out or if some are blank; this is usual because your employer only fills out what pertains to you and is necessary. If you find any errors with your...
The W-2 form is one of the most common tax forms used by the Internal Revenue Service for U.S. taxpayers. Specifically, it’s a tax statement that reports the taxes withheld from your taxable wages — including state wages as well as federal wages and withholding on those wages for feder...