What are the box codes on W-2?
The W-2 box 12 codes are:
- A – Uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips.
- B – Uncollected Medicare tax on tips.
- C – Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5); Taxable costs are information only.
What are boxes D and DD on W-2?
Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan. Code DD amounts are for informational purposes only—they don’t affect the numbers in your tax return.
How are boxes on W-2 calculated?
The amount is calculated as YTD earnings minus pre- tax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).
How do you read Box 15 on W-2?
Box 15 is straightforward and includes your employer’s state and state tax identification number. If you work in a state without a reporting requirement, this box (along with boxes 16 and 17) will be blank. If you had multiple withholdings in a number of states, more than one box will be filled.
What do Box 12 codes mean on W-2?
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax)
Is Box 1 on W-2 gross or net?
Box 1: Wages, Tips, Other Compensation. The amount in Box 1 will generally be the “YTD Gross” under the Summary section of your final earnings statement, minus any pre-tax deductions such as health/dental/vision insurance, flexible spending accounts and retirement and tax deferred savings plans, etc.
What is 12b D?
Code DD is only information to you to tell you how much your employer spend for health coverage – you do nothing with it. Code D is the amount of salary deferrals to a 401(k) plan. You do nothing with than either other than enter it on the W-2 screen in box 12 just like it is on the paper W-2.
What goes in box 12 dd on W-2?
Many employers are required to report the cost of an employee’s health care benefits in Box 12 of Form W-2, using Code DD to identify the amount. This amount is reported for informational purposes only and is NOT taxable.
Why is Box 1 and Box 5 different on W-2?
The amount in Box 1 is also going to be subject to Social Security and Medicare taxes, which means it will be included in Boxes 3 and 5. Box 5 includes income subject to federal income tax (Box 1) as well as income that is not subject to federal income tax. This is the amount subject to Medicare tax.
What box on your W-2 shows gross income?
Your gross income stated in Box 1 of your W-2 is essential in filing your taxes, as it shows your wages subject to federal income tax. Boxes 3 and 5 of the W-2 show your gross income that is subject to Social Security and Medicare taxes.
How do I calculate adjusted gross income from W-2?
How do I find my adjusted gross income without a W-2?
- You can find your annual income from the paystub. Add your other sources of income (rent, lottery, etc.)
- Now add up all of your deductions like you did in the above steps.
- Subtract deductions from the annual income. This value will be your adjusted gross income.
What is the difference between box 1 and box 5 on W-2?
However, depending on the level and source of income, the amount in these three boxes could be very different. Box 1 includes income subject to federal income tax. Box 3 includes income subject to employee Social Security tax. Box 5 includes income subject to Medicare tax.