W-2 Details
This box reports wages that are subject to federal income tax, which may be lower than total earnings because of deductions.
Box 1
If Box 1 shows $26,474 and Box 2 shows $3,423 withheld, what does Box 2 represent?
Federal income tax already paid.
These boxes report state income earned and taxes paid to the state government.
Boxes 16 and 17
In box 13 which box if checked off indicates that the employee is participating in an amplifier retirement plan
The second/middle box
A student works two part-time jobs during the year. How many W-2 forms should they expect?
Two W-2s (one from each employer)
This number uniquely identifies the employer for tax purposes and is required when filing taxes.
What is the Employer Identification Number (EIN)
If Social Security wages are $27,845 and Social Security tax withheld is $1,726, what percentage tax was roughly applied?
About 6.2% Social Security tax
These boxes report income and taxes paid to a local government, such as a city tax.
Boxes 18 and 19
Code D in Box 12 usually represents contributions to this type of retirement account
A 401(k)
A worker’s W-2 shows $3,000 withheld in federal taxes, but when they file taxes they only owe $2,400. What happens?
They receive a $600 refund.
These two boxes usually show the same wage amount, unless special deductions change the taxable income.
Boxes 3 and 5
Medicare tax withheld is typically this percentage of Medicare wages.
About 1.45%
This box includes the state abbreviation and the employer’s state ID number.
Box 15
Code DD in Box 12 shows the cost of this type of employee benefit provided by the employer
Health insurance coverage
Someone loses their W-2 before filing taxes. Who should they contact first to get another copy?
Their employer.
This box may include codes showing contributions to retirement plans or health benefits
Box 12
If Box 1 is significantly lower than Box 3, it may mean the employee contributed to this type of pre-tax benefit
401k
If someone works in one state but lives in another, their W-2 may show tax information for multiple entries in these boxes.
Boxes 15-20
If the “Statutory employee” box in Box 13 is checked, the worker is treated like this for certain tax purposes.
Self-employed for Social Security and Medicare taxes.
An employee notices their Social Security number is wrong on their W-2. If not corrected, this could cause problems with records at this agency
The Social Security Administration.
Which box would you look at if you wanted to see extra compensation or benefits that are explained using letter codes?
Box 12
An employee’s W-2 shows $28,000 in Box 1 and $3,360 in Box 2. About what percentage of their taxable wages was withheld for federal income tax?
12%
If a W-2 shows state income tax withheld but no local tax withheld, what does that likely mean about where the employee worked?
The location does not have a local income tax.
Box 12 can list multiple codes like D, DD, or others. Why might there be more than one code listed in this box for the same employee?
Because the employee received multiple types of benefits or deductions during the year
A worker receives their W-2 and notices that no federal income tax was withheld in Box 2, even though they earned money during the year. What is one possible reason this happened
They may have claimed and exemption