Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service. In territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for Guam. If corrections are made, it can be done on a W-2c. It has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099.
1. Regarding W-2’s, I don’t have to file my tax return if I am single, 21 years old, a dependent under my parents, not claiming a child, and made under $12,000... is that correct? 2. Is there a difference between reporting earnings and filing taxes for those earnings? 3. Every employer who pays at least $600 must give employe a W-2 form, but what if they paid less than $600? (For example, an employee only worked enough to make $599)
Question about Boxes 1, 3 and 5: do any of these boxes show total income before anything is taken out? I am looking at mine, and all are *lower* than what I thought my salary was last year. I already filed taxes, assuming they just represented a kind of net earnings instead of gross earnings ... but I'm now worried that either it's a error, or I wasn't paid enough all year.
Great video today! Keep up the hard work. I was wondering if you can make a video on writing off depreciation in real estate on Schedule C (like your other video but with real estate instead) ?
Hey Brad, I have a line on my W2, “NONTAXABLE COMPENSATION”. I did get a bonus but that was deposited separately in my account. Do i have to declare that income? Can reimbursable expenses be part of NONTAXABLE compensation? Thanks.
Would you mind doing an in depth video on the local taxes boxes 15-20? These are by far the most confusing boxes i have to deal with every year, mostly because the locality name in box 20 (usually a county name) is not located in the state of box 15. It probably doesn't help that I live in one state and work in another, but pretty much every online tax return site doesn't seem to understand, or doesn't bother to explain, what to do if someone is in a situation like mine.
I’ll add it to the idea sheet! Since I’m not familiar with your specific situation, it might be best to spend the extra money to get a local CPA to help with your taxes and get a better understanding of the state/county side of things for one year, then once you understand it better you can do it on your own moving forward
I have something similar to it. But I work in one city and live in another. There is two local names and two different numbers and two different local wages. I try to put them both in on my tax return but it always says a error. Do I add them together? Or only put in one I work in and file school separately.
It sounds like they are working to get you a W-2C which will have that information on it. Companies make mistakes and so long as they get you the corrected information then yes it is legal
If your social security wages are less than your box 1? Honestly not sure what to do with that. Boxes 1/3/5 should always be the same unless you received tax free pay (i.e. combat zone pay) which case your box 1 would be lower than 3/5. I can't think of anything that would cause 3 to be lower than 1. I'd reach out to your employer to make sure there isn't a mistake
Other tax resources ruclips.net/p/PL2MBoNj2iXhSlJxSmuZDNyWFyaGGZpRN9
The fact that i have learned more things from RUclips than years of school shows how useless the education system is
Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.
Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
An employer must mail out the Form W-2 to employees on or before January 31.
This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date.
The form is also used to report FICA taxes to the Social Security Administration.
The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February.
Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service.
In territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for Guam.
If corrections are made, it can be done on a W-2c.
It has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099.
1. Regarding W-2’s, I don’t have to file my tax return if I am single, 21 years old, a dependent under my parents, not claiming a child, and made under $12,000... is that correct?
2. Is there a difference between reporting earnings and filing taxes for those earnings?
3. Every employer who pays at least $600 must give employe a W-2 form, but what if they paid less than $600? (For example, an employee only worked enough to make $599)
Have you thought about asking your accountant instead of strangers on the internet?
These videos are extremely helpful! Thank you!
You're very welcome!
Question about Boxes 1, 3 and 5: do any of these boxes show total income before anything is taken out? I am looking at mine, and all are *lower* than what I thought my salary was last year. I already filed taxes, assuming they just represented a kind of net earnings instead of gross earnings ... but I'm now worried that either it's a error, or I wasn't paid enough all year.
Great video today! Keep up the hard work. I was wondering if you can make a video on writing off depreciation in real estate on Schedule C (like your other video but with real estate instead) ?
I’ll have to add that to the idea list!
Hey Brad, I have a line on my W2, “NONTAXABLE COMPENSATION”. I did get a bonus but that was deposited separately in my account. Do i have to declare that income? Can reimbursable expenses be part of NONTAXABLE compensation? Thanks.
Would you mind doing an in depth video on the local taxes boxes 15-20? These are by far the most confusing boxes i have to deal with every year, mostly because the locality name in box 20 (usually a county name) is not located in the state of box 15. It probably doesn't help that I live in one state and work in another, but pretty much every online tax return site doesn't seem to understand, or doesn't bother to explain, what to do if someone is in a situation like mine.
I’ll add it to the idea sheet! Since I’m not familiar with your specific situation, it might be best to spend the extra money to get a local CPA to help with your taxes and get a better understanding of the state/county side of things for one year, then once you understand it better you can do it on your own moving forward
I have something similar to it. But I work in one city and live in another. There is two local names and two different numbers and two different local wages. I try to put them both in on my tax return but it always says a error. Do I add them together? Or only put in one I work in and file school separately.
Do I pay for box 4 and 6? Sorry, I didn’t understand what you meant when you explained them
Thank you so much. This helped alot
So how do I know the amount of money I will receive?
great explanation
Glad it was helpful!
5:00 how would i know my employers EID??
They would provide it when they issue your W2
I cannot file my taxes without the State ID number, but my employer says they are still working on including it in my W2. Is this legal, though?
It sounds like they are working to get you a W-2C which will have that information on it. Companies make mistakes and so long as they get you the corrected information then yes it is legal
u should of went over box D as well
every single video on youtube about w2 breases right over the information i need, why can nobody say anything about box 18?
If section 3 is lower what could that mean?
If your social security wages are less than your box 1? Honestly not sure what to do with that. Boxes 1/3/5 should always be the same unless you received tax free pay (i.e. combat zone pay) which case your box 1 would be lower than 3/5. I can't think of anything that would cause 3 to be lower than 1. I'd reach out to your employer to make sure there isn't a mistake
@@APennyPinchersGuide I mean it wouldn't be the fact that I'm someone else's dependent as a minor, would it?
Useless information