Employment Taxes
W2 Form Components
1. Employee Information: This section includes the employee's name, address, and Social Security number.
2. Employer Information: This section includes the employer's name, address, and Employer Identification Number (EIN).
3. Wages, Tips, and Other Compensation: This section reports the total amount of wages, tips, and other compensation earned by the employee during the tax year.
4. Federal Income Tax Withheld: This section shows the total amount of federal income tax withheld from the employee's wages throughout the year.
5. Social Security Wages: This section reports the total amount of wages subject to Social Security tax.
6. Social Security Tax Withheld: This section shows the total amount of Social Security tax withheld from the employee's wages.
7. Medicare Wages and Tips: This section reports the total amount of wages and tips subject to Medicare tax.
8. Medicare Tax Withheld: This section shows the total amount of Medicare tax withheld from the employee's wages.
9. State and Local Taxes: Depending on the state, there may be additional sections that report state and local income taxes withheld from the employee's wages.
10. Other Information: This section may include other information such as retirement plan contributions, dependent care benefits, and other taxable or non-taxable compensation.