W-2 forms are an important responsibility for Small Business Owners. SurePayroll has processed hundreds of thousands of Wage & Tax Statements over the years and makes W2 processing easy -- but if you don't have SurePayroll this quick slide share will shed some light on what goes in the boxes on a W-2 giving employers and employees some easy insight.
For more detail of the W-2 boxes visit: http://blog.surepayroll.com/w2-boxes
7. Employee Info
No commas in name. Robert Jones, Jr. would
be rejected by the SSA
Make sure the name and social security (SS)
number matches exactly what is on the SS
card
Zip code extensions are optional. (Enter all
four numbers or nothing)
If your employee has moved recently, use the
address on file with taxing agencies
9. Federal Wages & Taxes
Box 1 - Gross TAXABLE wages. This area does not
include pre-tax deferrals (ie: 401k)
Box 3 - Gross wages excluding tips (tip income
goes in box 7) – up to $110,100
Box 4 - SS tax - withheld at 4.2% in 2012
Box 5 - Gross wages, tips, commission, etc.
subject to Medicare tax (boxes 3 & 5 may not
match box 1)
Box 6 - Medicare tax withheld from pay - 1.45% of
Box 5
11. State & Local
Box 16 - employee total taxable wages
Box 17 - amount of state tax withheld from
employee wages (Box 16)
Box 18 - total taxable income subject to
city, county, school district or other
Box 19 - local tax withheld from pay (Box
18)
12. For a detailed outline of
the W-2 visit:
blog.surepayroll.com/w2-boxes