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W2 Box Descriptions 15 includes your employer’s state and state tax identification number. If you work in a state without a reporting requirement, this box will be blank. If you had multiple withholdings in several states, more than one box will be filled. Box 2 shows how much federal income tax you withheld from an employee’s wages and remitted to the IRS. The IRS also uses Form W-2 to track an employee’s income and tax liability. Every W-2 has the same fields, no matter the employer.
Feel free to share this with your employees as a helpful resource. As a business owner, you have many options for paying yourself, but each comes with tax implications. Below is a handy reference guide for what the codes in Box 12 represent. Note that although the codes appear in alphabetical order, some letters are unused and do not appear in the listing.
What To Do if You Don’t Receive Form W-2
Fill in the blanks with the information required. Here are some of the mistakes to check for on your form. Formatting errors — The form is required to be printed in black ink , using font size 12, no dollar signs used, and decimal places with cents.
- Pre-tax benefit deductions and pre-tax parking deductions are subtracted from your gross wages to arrive at the taxable wages reported in Box 5.
- The label for this box is determined by the value you provide in the W2 Box 14H lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type.
- The total of Boxes 7 and Box 3 should not exceed the $118,500 Social Security wage base.
- The label for this box is determined by the value you provide in the W2 Box 14C lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type.
- Leave Box 15 blank if you have no reporting requirement with your state.
- This can make it difficult to determine what the information entered in that box means and where to report it in your return.
- Reports the total amount of state income taxes withheld from your paychecks for the wages reported in Box 16.
Here’s what you need to know about your Form W-2 for the current tax season. Business owners love Patriot’s award-winning payroll software. Get up and running with free payroll setup, and enjoy free expert support. Try our payroll software in a free, no-obligation 30-day trial. Leave Box 15 blank if you have no reporting requirement with your state. Do not use your personal Social Security number on Forms W-2.
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https://adprun.net/ that 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 . Your full name is reported in box e and should be the name on your Social Security card. If your name doesn’t appear here exactly as it appears on your Social Security card, you may need a new Form W-2.
Complete Form 2441, Child and Dependent Care Expenses, to compute any taxable and nontaxable amounts. Box 16 reports the total amount of taxable wages you earned in that state. There may be multiple lines of information here, too, if you worked for the same employer in multiple states. After-tax contributions to a Roth 457 retirement plan offered by government employers.
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For Yonkers local taxes, displays the balance value from Box 1. Family Leave Insurance private plan number, as defined on the tax reporting unit. The label for this box is determined by the value you provide in the W2 Box 14Z lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type. The label for this box is determined by the value you provide in the W2 Box 14X lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type. The label for this box is determined by the value you provide in the W2 Box 14J lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type. The label for this box is determined by the value you provide in the W2 Box 14I lookup code Meaning of the ORA_HRX_US_W2_BOX_14_USER_DFND lookup type.
Ask your employer when Forms W-2 were mailed out to employees if you don’t receive yours by mid-February. You can also ask for another printed copy of your W-2. Some employers may charge a nominal fee for providing you with an additional copy.