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The W-2 is the base document that defines your tax obligations, so it is important that you review and understand yours. ... box 3 is often higher than box 1, and for high wage earners, box 3 is ...
A W-2 form is a crucial document you need when filing your taxes. ... Here’s a breakdown of the numbered boxes on Form W-2: Wages, tips and other compensation ... Catch-all box for payments made ...
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. [1] 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.
The Form W-2, Wage and Tax Statement, is used to report wages paid to employees and the taxes withheld from them. [44] 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.
W-2 wages are the wages that appear on the employee's W-2 issued by his employer each year in January. A copy of the W-2 is sent to the Internal Revenue Service (IRS). It is the gross salary less any contributions to pre-tax plans. The W-2 form also shows the amount withheld by the employer for federal income tax.
For federal taxes, your employer can either withhold a flat percentage on your bonus or combine it with regular wages. On bonuses under $1 million, the employer usually withholds 22%, Pritchard said.
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