What are the boxes on a W-2?

What are the boxes on a W-2?

W-2 Box Descriptions

• Box A: Your Social Security number appears here.
• Box B: This is your employer’s unique tax identification number or EIN.
• Box C: This identifies the name, address, city, state and zip code of your employer.
• Box D:
• Box E: This identifies your full name.

What do the letters mean in Box 12 of W2?

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) plan.

How do you read a W2?

How do I read a W-2?

1. Box A: Your Social Security number, which the IRS uses to identify you.
2. Box B: The employer identification number, or EIN, which the IRS uses to identify your employer.
3. Box C: Your employer’s name, address and ZIP code.
4. Box D:
5. Box E: Your legal name.
6. Box F: Your address and ZIP code.

What is the difference between Box 1 and Box 3 on my W2?

Box 1 (Wages, Tips and Other Compensation) represents the amount of compensation taxable for federal income tax purposes while box 3 (Social Security Wages) represents the portion taxable for social security purposes and box 5 (Medicare Wages) represents the portion taxable for Medicare tax purposes.

What is NT health benefits on W-2?

What is this, and is it something that needs to be reported on my 1040? Confused about whether health insurance premiums are deductible. W2 Box 14 states NT Health Benefits with an amount in the box. Research shows that such premiums are not deductible if they are paid from pre-taxed income.

What does BB mean on w2?

Designated Roth contributions
BB — Designated Roth contributions under a 403(b) plan. Roth contributions are not deductible; however, you may be able to claim the Saver’s Credit, Form 1040 Schedule 3, line 4.

What are the codes for Box 14 on w2?

Box 14 — Employers can use this W-2 box to report information like:

• A member of the clergy’s parsonage allowance and utilities.
• Charitable contributions made through payroll deduction.
• Educational assistance payments.
• Health insurance premiums deducted.
• Nontaxable income.
• State disability insurance taxes withheld.

Why is your W-2 so important?

The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return.

How do I calculate my gross income from my W2?

To arrive at the total gross, add all of your wages earned throughout the year, including any additional compensation you received such as overtime, commissions, bonuses, or retroactive pay for wage or salary increases.

Why is Box 3 higher than W-2?

Box 3 shows your total wages subject to the Social Security tax. This figure is calculated before any payroll deductions which means that the amount in box 3 could be higher than the number reported in box 1, as in my example. Unlike federal income taxes, Social Security taxes are calculated based on a flat rate.

How do I calculate my gross income from my w2?

What do the boxes mean on W2?

Here’s what some of the boxes on your W2 mean: Box 1 – The total of your taxable wages, tips, other compensation (this is adjusted by pre-tax and 401k deferrals). Box 2 – The total amount of federal income tax that was withheld from your check. Box 3 – The total in wages that were subject to the social security.

What is box 5 of W2?

W-2 Box 5. The box contains the total wages, including tips and commissions that are taxed for Medicare. Wages and tips subject to Medicare tax are the same as those that are eligible for Social Security taxation. However, unlike Social Security there is no maximum wage.

What does box 12 mean on W2?

When you get your W-2, you might notice some new information on the form. Box 12 is where employers will report the cost of your workplace`s group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers.

What goes in box 14 W2?

Box 14 on a W-2 is set aside by the IRS for “other” on the form. You will often see “café 125” used as a code on the W-2 in Box 14. Other items that may appear in Box 14 include union dues, educational assistance and certain pension plan contributions.