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Social Security
- Box 3 labeled as “Social Security,” shows the cumulative wages on which you’ve paid Social Security taxes. This amount may differ from your total income in Box 1.
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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Mar 29, 2024 · What Exactly is Box 12 on a W-2 Form? Box 12 on the Form W-2 serves as a critical information hub, detailing various special compensations and deductions. It's not just about your base salary; Box 12 includes things like employer contributions to a retirement plan, or even amounts under non-taxable income categories.
Jun 14, 2022 · You might need to use Form W-2 Box 12 codes to accurately fill out Form W-2. If you are not familiar with Box 12, there are currently 26 codes to report certain compensation and benefit amounts. The codes range from life insurance coverage to the amount you contributed to an employee’s adoption expenses.
CodeExplanationAUncollected Social Security or RRTA tax ...BUncollected Medicare tax or RRTA tax on ...CTaxable cost of group-term life insurance ...DElective deferrals under a section 401 ...Box 3 labeled as “Social Security,” shows the cumulative wages on which you’ve paid Social Security taxes. This amount may differ from your total income in Box 1. Box 4: Social Security Tax Withheld. It reveals the exact amount of Social Security taxes withheld throughout the year. Box 5: Medicare Wages and Tips.
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.
Mar 11, 2024 · Here's a list of what each one means. Box 12 codes. A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401 (k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403 (b ...
Aug 27, 2019 · Here’s a quick guide to understanding what all those boxes and numbers on your W-2 actually mean, so (fingers crossed) you’re a little less stressed come Tax Day on April 17th. Hover over the W-2 below to see what each box means.
Boxes 15-20. The last six boxes on a W-2 all relate to state and local taxes, including how much of your pay is subject to these taxes and how much was withheld. This article outlines the description of each box on Form W-2 to give you and your employees a better understanding of the amounts and codes on the form.
