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Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes, [10] making the total Social Security tax 12.4% of wages and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; see the section on ...
Medicare taxes are part of FICA taxes, a flat-rate payroll tax levied on all earned income.This tax does not apply to investment income, so your retirement portfolio will not be subject to FICA ...
Self-employment taxes are usually paid each quarter, every three months, as part of your estimated tax payment. Use Form 1040-ES to calculate your estimated tax payments for 2021. There is a ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
There is also a cap on wages that can be subjected to Social Security tax. It changes from year to year; for 2021 it’s $142,800. ... Use Form 1040-ES to calculate your estimated tax payments for ...