Tax Form W-2 Explained || Find Your Wages, Benefits, 401(k), HSA, Withholdings
Everyone who worked for an employer receives a tax form w-2 with a summary of their annual wages and the amount of withholdings. The form has a significant impact on taxes. It also reports social security and medicare wages as well as any employer benefits that may or may not be taxable. Benefits that are often reported on the form include 401(k) contributions, HSA contributions, employer-sponsored health coverage, etc.
Timecodes:
00:00 - Intro
02:33 - How to get W-2 transcript?
05:00 - Wages on W-2.
06:07 - Social Security Wages & SS withholdings.
07:15 - Medicare wages & withholdings.
08:05 - Social Security tips
08:58 - Dependent Care Benefits
09:39 - Employer benefits are listed in Box 12.
11:30 - Statutory employee
11:51 - Retirement plans such as 401(k)
The 15 Most Common Tax Forms in 2022 (+Infographics) article: / 15-most-common-tax-forms-in-2022
Boost Your Tax IQ Book: shorturl.at/ijBU2
Form W-2 box-by-box instructions: https://boostyourtaxiq.com/resources
Box 13 on W-2 and what does statutory employee means,
see https://www.irs.gov/businesses/small-....
IRS instructions for W-2 are at https://www.irs.gov/pub/irs-pdf/iw2w3...
——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.
The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.
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