An article explaining IRS Form W2 is now available on Instructibles.com. Tax preparation expert and published author Frank Ellis explains how to fill out this important form, which is usually sent by employers in January. The boxes, numbers, and codes can be confusing to many. Ellis starts by showing where business and personal information are entered, and the information must match on copies sent to the IRS and the Social Security Administration. Any mistakes can deny you benefits or payments.
The author explains how to enter compensation next, which includes wages, salary, and tips. He also states what is not included here. Federal income tax, tax withholdings and social security wages, and tips or tax withheld and Medicare wages are the next few sections and explain the respective boxes and sections to fill out if they apply.
Ellis then explains how to enter income from tips, and an additional form is mentioned if one has to report and pay additional payroll taxes related to tips or Social Security. He then goes on to cover several additional items on the form. These include dependent care benefits, contributions to a non-qualified deferred compensation plan, and where to enter the appropriate information regarding these.
The article next goes on to explain W2 codes, which are listed on the back of the tax form. Details for requirements of statutory employees or those in a company-sponsored retirement plan are provided following this. Lastly, insights into state and local taxes are provided. The author ends with a link to where one can find their W2 online
To learn more about and better understand the W2 form, go to http://www.instructables.com/id/How-to-Understand-IRS-Form-W2/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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