A form W-2 (blank form downloads as a pdf) is issued by an employer to an employee. An employer has certain reporting, withholding and insurance requirements for employees that are a bit different from those owed to an independent contractor.
Why is it called a W-2?
Use of Form W-2 was established by the Current Tax Payment Act of 1943 as part of an effort to withhold income at source. The first Form W-2s were issued to employees in 1944. In 1965, the form’s name was changed from “Withholding Tax Statement” to “Wage and Tax Statement” (current name).
Do union dues show up on a W-2?
Yes, you can enter your union dues that are not reported on Form W-2.
What does W-2 stand for in tax form?
With the employer name, employer ID, address, taxpayer address, Social Security number and information about 2016 wages and taxes withheld, W-2 forms give attackers all the information they need to file fraudulent tax refund requests. Subramanyan 9.5-2-29-5 ( w-2 ); Harpreet Singh 10-2-29-0 (w-1); Sikandar Zafar 4-0-12-0 (w-4).
What do the codes on form W2 box 12 mean?
The W2 Box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. Include this tax on Form 1040 Schedule 4 line 58. B — Uncollected Medicare tax on tips. Include this tax on Form 1040 Schedule 4 line 58.
Is the employer required to send out a W-2 form?
An employer is legally required to send out a W-2 form to every employee to whom they paid a salary, wage, or another form of compensation. This does not include contracted or self-employed workers, who file taxes with different forms.
Where are the copies on a W2 form?
When you receive your W-2, you will notice that it has three or four sections of identical squares. Each of these is labeled in the top left corner. You will find Copy B, Copy C and Copy 2. Understanding your W-2 will make preparing your tax return easier.
