![]() ![]() You might find that the amount in Box 6 is greater than the amount in Box 5 multiplied by 1.45 percent if you earn a significant income. That would be due to the additional Medicare tax which was implemented in 2013. Box 6: Box 6 reports the amount of taxes that were withheld from your paycheck for the Medicare tax, which is a flat tax rate of 1.45 percent of your total Medicare wages as of 2017.The amount in Box 5 typically matches your entire compensation from your job. Medicare wages include any deferred compensation, 401(k) contributions or other fringe benefits that are excluded from the federal income tax. There is no maximum wage base for Medicare, so the amount showing in Box 5 may be larger than the amount showing in Box 1. Box 5: Box 5 reports the amount of wages subject to the Medicare tax.If you had two or more jobs during the year and your total Social Security wages exceed $118,500, you may have paid in more Social Security tax than was required, but you can claim the excess Social Security tax withholding as a refundable credit on your Form 1040. Any wages you earn over $118,500 aren't subject to the Social Security tax, so the figure shown in Box 4 should be no more than $7,347.00, the $118,500 maximum wage base times 6.2 percent. The Social Security tax is a flat tax rate of 6.2 percent on your wage income up to $118,500 as of 2017. Box 4: Box 4 reports the total amount of Social Security taxes withheld from your paychecks.Tips reported to your employer are not included in the Box 3 amount. The Social Security tax is assessed on wages up to $118,500 as of 2017. If Box 3 shows an amount over the wage base, ask your employer correct your W-2. Box 3: Box 3 reports the total amount of your wages subject to the Social Security tax.If you have several W-2 forms, add up the Box 2 amounts just as you did with your income. The amount from Box 2 is reported on Line 62 of Form 1040, on Line 36 of Form 1040A, or on Line 7 of Form 1040EZ. This represents the amount of federal taxes you have paid in throughout the year. Box 2: Box 2 reports the total amount your employer withheld from your paychecks for federal income taxes.If you have several W-2 forms, add up the Box 1 amounts and enter the total. The number includes your wages, salary, tips you reported, bonuses and other taxable compensation. For example, taxable fringe benefits such as group term life insurance will be included here. But Box 1 does not include any pre-tax benefits, such as savings contributions to a 401(k) plan, 403(b) plan or health insurance. The amount from Box 1 is reported on Line 7 of your Form 1040 or 1040A, or on Line 1 of Form 1040EZ. Box 1: Box 1 reports your total taxable wages or salary for federal income tax purposes.Numbered boxes appear on Form W-2 as well. The address might be a former address if you've recently moved, but this shouldn't be a complication as long as your tax return bears your current, correct address. Box F : This identifies your address, city, state and zip code.Box E : This identifies your full name. If your name has changed, ask your company to update their records. ![]() This number is assigned by the company's payroll processing software. Box D : This is a control number that identifies your unique Form W-2 document in your employer's records.The address may show your company's headquarters rather than its local address. Box C : This identifies the name, address, city, state and zip code of your employer.Box B : This is your employer's unique tax identification number or EIN.Box A : Your Social Security number appears here. ![]()
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