What do the codes mean on W-2 Box 12?
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) BB: Designated Roth contributions under a section 403(b) plan.
What does Wages tips other compensation mean?
Definition. Wages, tips and other compensation describes the total federal taxable income reported by your employer. The total dollar mount is a combination of your gross pay, plus any cash you received, plus any noncash benefits. A noncash benefit, for example, is group term health insurance paid by the employer.
What is the difference between wages tips and other compensation and Social Security wages?
Box 1 (Wages, Tips and Other Compensation) represents the amount of compensation taxable for federal income tax purposes while box 3 (Social Security Wages) represents the portion taxable for social security purposes and box 5 (Medicare Wages) represents the portion taxable for Medicare tax purposes.
What do I need to know about my W-2 form?
If your address on the form W-2 isn’t correct, notify your employer: You won’t need a new form W-2, but your employer needs to update his or her records. The right side of the form is used to report dollars and codes: Box 1 shows your total taxable wages, tips, prizes and other compensation, as well as any taxable fringe benefits.
Where does the correct address go on a W-2?
Your address is reported at box (f) and should reflect your mailing address, which could be a post office box, and is likely without punctuation (a USPS preference). If your address on the form W-2 isn’t correct, notify your employer: You won’t need a new form W-2, but your employer needs to update his or her records.
How much should I put in box 4 of my W-2?
The rate is 6.2%. The amount in Box 4 should, then, be equal to the amount in box 3 times 6.2%. Since you should not have more Social Security withholding than the maximum wage base times 6.2%, the amount in box 4 should not exceed $7,347.00. In my example, the figure is $50,000 x .062, or $3,100.00.
What’s the difference between copy a and W-2?
Copy A looks different from the others forms W-2 because it’s printed in red: the rest are printed in black. Copy A is transmitted to the Social Security Administration (SSA) along with a form W-3 (the form W-3 reports the total of all forms W-2 for the employer).
