Hello, my name is Katie C. Norris with C Norris Wealth Management. In this video, I would like to talk about Form W2 and how to understand and read it. Let's get started. First of all, a W2 is issued by an employer to an employee if the employer paid at least $600 or more in cash and cash equivalents to the employee during the year. If any taxes, including those for Social Security and Medicare, were withheld, then a Form W2 must be issued regardless of the amount paid to the employee. Now, let's go through the form and discuss each item. Item A includes your Social Security number. It is important to double-check and ensure that this number is correct. It is one of the most important items on the form. Item B is your Employer Identification Number (EIN). It is essentially the equivalent of a person's Social Security number. Item C is your current address. Item D is the control number, which is an internal number used by your employer. Sometimes it may be blank, so there is no need to worry about it. Item E includes your first name initial and last name, just like your Social Security number. It is always a good idea to check if it is accurate. Item F is your address and zip code. Always double-check this as well. Now, let's move to the right side of your screen. Number 1 shows your wages, tips, and other compensation. It displays your taxable wages, prizes, and any other fringe benefits. Let's say it is $50,000. Number 2 shows the federal income tax withheld. Let's say it is $6,800. Number 3 shows the total wages subject to Social Security tax. It could be the same as number 1 or different. In our case, it is different - $48,500. Number 4 shows the total Social Security...
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Types of w2 s Form: What You Should Know
Form W-2 is a report filed by an employer reporting the total wages it pays to its employed employees and the taxes they are responsible for paying to the federal government. The annual report is intended to provide employer and employee tax information for tax administration purposes, and to record the wage and salaries of its employees. What is Forms W-6 and W-8.3? Form W-6 and Form W-8.3 are annual notices sent by the IRS to businesses reporting income from any source and claiming a standard deduction from Schedule A. These notices are about the following: — What your business is required to do to comply with all tax laws and regulations — In what year the business turned 5, 10, or 20 years old — If the business is also a partnership or sole proprietorship — How the business plans to change its status from a sole proprietor or business owner to a partnership or business owner. Form W-6 and Form W-8.3 both report on Form 1040, 1040A, and 1040EZ. How to calculate your Form 1040 How to calculate your form 1040: 1. Multiply your adjusted gross income (AGI) 2. Add taxes on wages 3. Add tax deductions 4. Round up or round down Source: IRS tax tables To figure your annual tax amount; first determine your AGI.
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