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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.
Each employer is required to provide each employee an annual report on IRS Form W-2 [75] of wages paid and federal, state and local taxes withheld, with a copy sent to the IRS and the taxation authority of the state. These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in ...
This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages. Wages are defined somewhat differently for different withholding tax purposes.
Your teen should report any earnings of $400 or more on their tax returns so they can pay their share of the taxes by April 15, according to the IRS website. Your Teen’s Employer Took Out ...
You may or may not receive an information return; however, all earnings from gig work are taxable. The law concerning Form 1099-K also changed for payments received in 2022 to totals exceeding ...
The 2022 tax filing season begins Jan. 24, the IRS has announced. For a majority of taxpayers, the deadline to file your 2021 tax return is April 18. See: Inflation and Your Taxes -- How Do Higher...