Box 3 of the W-2 indicates your taxable wages for Social Security tax purposes. Box 5 shows your taxable wages for Medicare tax purposes. Your taxable wages for those two taxes might be the same, or they might differ because Social Security has an annual wage limit and Medicare has none.
To calculate your total salary, obtain your taxable wages from either Box 3 or Box 5 and add the amount to your nontaxable wages and pretax deductions which are excluded from FICA taxes. Such pretax deductions include Section cafeteria plans that include health and accident insurance, and dependent care and health savings accounts.
Boxes 16 and 18, respectively, show your wages for state and local income tax purposes. If applicable, you may use the taxable wages shown in either of those boxes to calculate your total salary. Give them our handy W-2 vs Last Pay Stub handout.
Download The Handout. What do all the boxes on my W-2 mean? Box 2: Federal Income Tax Withheld Federal income tax withheld is the amount of money withheld from your wages reported in Box 1. Box 3: Social Security Wages The amount of earnings your employer paid you - not including tips - subject to Social Security tax.
Box 5: Medicare Wages and Tips Medicare wages and tips are the total amount of earnings your employer paid you subject to Medicare tax. Box 6: Medicare Tax Withheld Medicare tax withheld represents 1. Box 8: Allocated Tips This box shows tip income allocated to you by your employers.
Box Dependent Care Benefits The total amount paid into your dependent care flexible spending account for the year. Box Compensation and Benefits Click to see the codes included This box is used to indicate a compensation or benefit by code. Include this tax on Form B — Uncollected Medicare tax on tips. D — Elective deferrals to a section k cash or deferred arrangement. E — Elective deferrals under a section b salary reduction agreement.
F — Elective deferrals under a section k 6 salary reduction SEP. G — Elective deferrals and employer contributions including non-elective deferrals to a section b deferred compensation plan. H — Elective deferrals to a section c 18 D tax-exempt organization plan. J — Nontaxable sick pay information only, not included in Boxes 1, 3, or 5. L — Substantiated employee business expense reimbursements nontaxable. P — Excludable moving expense reimbursements paid directly to a member of the U.
Armed Forces not included in Boxes 1, 3, or 5. Q — Nontaxable combat pay. See the instructions for Form or Form A for details on reporting this amount. T — Adoption benefits not included in Box 1. You should know that we do not endorse or guarantee any products or services you may view on other sites.
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