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1. www.hrblock.com › tax-center › irsUnderstanding W-2 Boxes and Codes | H&R Block

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   Box 3 — Shows your employee wages subject to Social Security tax, which could be different from what’s reported on Box 1. Box 4 — Shows the amount of Social Security tax withheld from your pay. Box 5 — Shows your wages subject to Medicare tax.

2. www.libertytax.com › blog › understanding-the-w-2-formUnderstanding the W-2 Form: What It Is, How to Read It, and ...

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   A W-2 form, officially named the Wage and Tax Statement, is a document provided by your employer. It summarizes your earnings and the taxes withheld from your paycheck throughout the year. This form holds a fundamental role in the tax preparation process, ensuring you report your income accurately.

3. bluelionllc.com › how-to-read-a-w-2-in-2022-anHow to Read a W-2 in 2022: An Easy Box-by-Box Breakdown

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   Feb 1, 2022 · Box 3: Social Security Wages. This number is calculated using your GROSS pay from your last paycheck of the year minus pretax deductions EXCEPT for any retirement 401 (k) contributions. Box 4: Social Security Tax Withheld.

4. www.hrblock.com › irs › formsHow to Read a W-2 Form | H&R Block

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   The key to understanding your w-2 form is decoding the boxes and numbers. Learn how to read your w-2 form with this box-by-box infographic from H&R Block.

5. quickbooks.intuit.com › r › payrollThe W2 Form: How to Understand and Fill Out a W2 | QuickBooks

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   • Wages, tips, other compensation. This amount is everything you paid your employees during the tax year (before payroll deductions), such as wages, tips, bonuses, and commissions.
   • Federal income tax withheld. This is the total federal income tax held from your employee's wages for the year.
   • Social security wages. This is all of your employee’s wages that are subject to employee social security tax, excluding tips. TIP: Keep in mind that social security wages top out at $113,700, so the total of boxes 3 and 7 should not be more than this amount.
   • Social security tax withheld. Your employee’s portion of all social security tax withheld, including social security tax on tips. TIP: Remember that the tax rate for social security is 6.2%.

6. www.teachmepersonalfinance.com › irs-form-w-2IRS Form W-2 Instructions - Understanding Your Pay Statement

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   Oct 26, 2023 · In this article, we’ll help you understand everything you need to know about IRS Form W-2, including: What you should expect to see in each box on this form; How this tax information will impact your income tax return; When you should expect your Form W-2 and what to do if you do not receive it on time

7. People also ask

   What is a W2 form?

   • What is a W-2 Form? A W-2 form, officially named the Wage and Tax Statement, is a document provided by your employer. It summarizes your earnings and the taxes withheld from your paycheck throughout the year. This form holds a fundamental role in the tax preparation process, ensuring you report your income accurately.

   Understanding the W-2 Form: What It Is, How to Read It, and Why It Ma…

   www.libertytax.com/blog/understanding-the-w-2-form

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   What is a box 4 on a W2?

   • Box 4 — Shows the amount of Social Security tax withheld from your pay. Box 5 — Shows your wages subject to Medicare tax. The amount, which also may not be the same as the amount reported in W-2 Box 1, might be required on Form 8959, Additional Medicare Tax, if your income is high enough.

   Understanding W-2 Boxes and Codes | H&R Block

   www.hrblock.com/tax-center/irs/forms/understanding-w-2-boxes-and-codes/

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   What information is included on a W2?

   • An employer fills out the forms, and includes information like wages earned, Social Security wages earned, sick leave wages, tips, and recurring taxes taken out of the employee’s paychecks throughout the year. Other compensation that is reported on a W-2 includes taxable wage benefits.

   Understanding W-2 Boxes and Codes | H&R Block

   www.hrblock.com/tax-center/irs/forms/understanding-w-2-boxes-and-codes/

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   What are the W2 boxes on a tax return?

   • Here are the W-2 boxes explained: Box 1 — Shows your employee wages, tips, prizes, and other compensation for the year. You should include this amount on the wages line of your return. If you have more than one Form W-2, or you are married and your spouse also has one or more W-2s, the total of all forms’ Box 1 will be shown on Form 1040, line 1.

   Understanding W-2 Boxes and Codes | H&R Block

   www.hrblock.com/tax-center/irs/forms/understanding-w-2-boxes-and-codes/

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8. quickbooks.intuit.com › r › taxesHow to fill out a W-2 form | QuickBooks

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   Feb 14, 2024 · Box 3—Social Security wages: This is the total amount you pay your employee that is subject to Social Security taxes. The number should not be more than the Social Security wage base, which is $168,600 for 2024. Box 4—Social Security tax withheld: The amount you withheld from an employee’s Social Security wages.