Form IRS W2 for Queens New York 2024-2025

Form IRS W2 for Queens New York: What You Should Know

Federal tax withholding from wages and contributions to employee benefit plans may also affect the amount of wages reported on Form W-2. Form W-2 was originally intended to be a report of income made by an employer to the federal government, for payment to a U.S. government agency. The form includes information about a worker's wages, including gross pay. However, many people may not realize that their employer only has to report wages to one government agency that includes the employee. The most frequently called agency is the Social Security Administration. An employer is only required to report certain wage information on Form W-2; this is known as the “nonemployer portion” of the form. In general, a nonemployer portion of the form will only report certain information about an employee's wages such as the gross pay; the name, address, and Social Security number of the employee; and, the amount of wages the individual is expected to receive over the period covered by the pay stubs. However, if the employee was included in a federal tax return and had wages reported on that return, then the employer would also have to report that information. In particular, it is important that the employer withhold federal taxes, the employee's share of Social Security and Medicare taxes, and the employee's share of state and local taxes. In addition, employers will have to withhold federal Unemployment Insurance taxes, as well as federal severance tax, federal health insurance tax, and the self-employment tax. In 2014, the maximum tax withholding by any filer for nonemployer wages are: Social Security benefits (Wage & Fringe Benefits section) — 1,000 (employer withholds 600 for employees filing state returns). Social Security and Medicare (Wage & Fringe Benefits section) — 1,600 for wages reported on a joint return of a couple filing jointly or 1,900 for wages reported on a separate return of a couple filing separately. Federal tax withholding for Social Security and Medicare benefit paid to the spouse are required to be reported to the Social Security Administration. The Social Security Administration withholds these taxes from a paid-up Social Security benefit (the first 4,000 of total W-2 wages). The tax withholding rate is determined based on marital status. The lower the withholding rate, the higher the amount of withheld taxes.

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