W-2 Form 2020
The W-2 form also known as the payroll tax return is the document that employers are required to submit at the end of each year to the Internal Revenue Service (IRS). Now I will explain in details about W2 Form 2020.
A W-2 Form 2020 reports the annual salary of an employee and the amount of taxes withheld from his paycheck.
Do you want to your w2 form online in 2020? You can do it so easily just by W2 maker and also can send W2 Form online to the company member or employee electronically.
There are many ways to solve your question that- How can I get my W2 form?
If you lost your W2 Form 2020 or missing file and tax documents then don’t worry. You have options for again recover of w2 form.
Box 1 shows your taxed income, including wages, salaries, gratuities, and bonuses.
Box 2 shows federal income tax your employer withholds from your salary. Wages and transferred to the IRS.
In Section 1 on a W-2, you will find your annual payroll and the amount of federal tax withheld from these payments in Section 2.
Social Security Wages enter the total wage paid to the employees subject to the Social Security tax.
Box 4 shows how much of an employee’s Social Security earnings and tips you withheld.
Box 5 shows how much the employee made in Medicare wages and tips.
The amount in Box 5 for an employee is usually the same as the amount in Box 4. There’s really, no Medicare wage base. The value in Box 5 is higher than Box 3 if the employee earned more than the Social Security salary base.
This box shows in W2 form the taxes that will be withheld from your paycheck: the Medicare tax, a flat rate of 14.5% of your total Medicare paycheck for the 2020 tax year.
Box 7 shows the number of tips your employee received and reported. In Boxes 1 and 5, enter these tip amounts as well.
The total of Boxes 7 and 3 for 2020 (or $142,800 for 2021) should not exceed $137,700 (or $142,800 for 2021).
Amounts that you designate to tipped individuals are known as allocated tips. If possible, report any tips you gave to your employee in Box 8. Employers are not required to give tips to their employees in all cases.
Leave it blank as shows.
Enter the total amount in Box 10, if you provide dependent care benefits for employees through a dependent care assistance program.
Box 11 shows employer payouts from a nonqualified deferred compensation plan to an employee.
There is a number of W-2 Box 12 codes you may need to put on an employee’s Form W-2
These codes and values may decrease the employee’s taxable wages.
This Box 13 is used to mark instead of adding any kind of value.
There are three boxes in Box 13
Health insurance premiums deducted, state disability insurance taxes and vehicle agreement payment should be added in this Box 14 of w2 form of 2020.
Box 15 is like Box B.
Box 15 is state-specific, you can leave it blank.
Box 16 shows the number of wages related to the state income tax.
It shows how much amount is withheld for state income. You can leave it blank.
It shows the amount of local income tax, wages, and tips of your employees. If no income tax with locality you can leave this W2 Form 2020 box blank.
You can report any type of local income tax withheld from your employee’s wages.
It shows the city or locality.
Box A: Employee’s Social Security number
Box B: Employer Identification Number (EIN)
Box C: Name, address, and ZIP code of the Employer
Box D: Control number
Boxes E and F: Name, address, and ZIP code of Employee.
