Home - Everything Else - 3 Key Things To Know About The W-2 Form

3 key things to know about the W-2 form

3 key things to know about the W-2 form

Form W-2, or the Wage and Tax Statement, is an important document that reports the employee’s income and withheld tax to the IRS. These reports are then sent to the employees every January from employers who pay an individual at least $600 annually. The W-2 is crucial in helping one file their tax returns correctly, as it enlists contributions, insurance, benefits, and many other essential components. Read on to learn more about this form.

Reading the W-2
The form has several components that one needs to fill in correctly. Here’s a simple breakdown:

  1. Box 1 – Total taxable wages, including tips, prizes, and other compensation.
  2. Box 2 – Federal income taxes the employer withholds from one’s pay.
  3. Box 3 – Total wages subject to Social Security tax.
  4. Box 4 – Total Social Security tax withheld from pay.
  5. Box 5 – Wages that are subject to Medicare tax.
  6. Box 6 – Total Medicare tax withheld from pay.
  7. Box 7 – Tips reported to the employer.
  8. Box 8 – Total amount of other tips allocated by the employer.
  9. Box 9 – This box is no longer in use.
  10. Box 10 – Amount of dependent care benefits paid by the employer.
  11. Box 11 – Total amount of money distributed during the year from the employee’s deferred compensation plan.
  12. Box 12 – Here, the employer can provide more detailed information about all the pay reported in Box 1.
  13. Box 13 – This section indicates whether the earnings are subject to Social Security, Medicare taxes, etc.
  14. Box 14 – Any other reports and details that do not fit anywhere else are added here.
  15. Box 15 – Employer’s state and tax identification numbers.
  16. Box 16 – Amount of taxable wages for state tax purposes.
  17. Box 17 – Total amount of state income taxes withheld during the year.
  18. Box 18 and 19 – Any other state income taxes and withholding
  19. Box 20 – Name of the local, city, or other state tax reported in Box 18 and 19.

Due Date
Employers are expected to furnish W-2 forms to the employees and the IRS on or before January 31. Failing to do so may result in penalties.

Copies
The employer is expected to make multiple copies of the W-2 form, of which three are sent to the employee. Copy B is used to report federal income tax, Copy 2 is used to report state, city, and other local income tax, and Copy C is used for maintaining personal records.

Previous Read

6 errors that affect the operation of a power plant

The operation of a power station is a complex task that requires experience, precision, and knowledge. These places are designed to produce electricity and distribute power to a huge population for residential, industrial, and institutional usage. However, operating power stations involves significant risks and challenges that can affect their efficiency, safety, and reliability. It is, therefore, crucial to be aware of the possible errors when operating a power station and devise strategies to avoid them. Neglecting safety protocols Overlooking safety procedures and protocols is perhaps the most critical error that can be made when operating a power station. These places have a high hazard risk with the need for strict safety requirements that are in place to avoid accidents and injuries. Safety practices can include simple acts like wearing the proper gear, avoiding shortcuts, and ensuring the plant is ventilated. When operating a power plant, it is equally important to be trained in hazard identification, first aid, and emergency response procedures. Skipping maintenance Power stations are complex setups that need to undergo regular maintenance for proper functioning. This includes cleaning, replacing, and lubricating machine parts. In addition to that, undergoing regular inspections ensures that the power station can take care of potential problems in a timely manner. This includes the inspection and maintenance of turbines, boilers, and generators. The failure to do so can result in a power outage, system failure, and damage to the system. Ignoring environmental standards One of the common errors that can be made when operating a power station is by ignoring environmental standards and regulations. Power plants significantly contribute to pollution levels, thereby impacting public health and the environment. It is, therefore, important that power stations meet all the regulations that have been set by the state and federal authorities along with the local ones. Regulations might include hazardous waste disposal, wastewater discharge limits, and emission limits. It is the duty of the plant operator to implement measures that help reduce their environmental footprint. Underestimating teamwork Underestimating the power of communication and teamwork is another area where errors can be made when operating a power station. Successfully running a power station requires the combined efforts of trained engineers, professionals, operators, technicians, and managers. To ensure everyone is working in synchronization, it is important to maintain communication. Encouraging teamwork and ensuring everyone is aware of their roles is the sure way to start building a well-oiled teamed. Ignoring cybersecurity Since power plants are vulnerable to cyber attacks, they stand the risk of their security, safety, and reliability being compromised. Cyberattacks on a power plant can include risks like hacking the plant’s computer system, stealing confidential information, and more. To prevent such malicious incidents, robust power plant cybersecurity measures need to be implemented. Antivirus software, firewalls, and data encryption need to be taken care of. In addition, make sure regular cybersecurity training and vulnerability assessment are a part of the employee training process. Neglecting energy efficiency Energy efficiency is a critical factor in the operation of a power plant since it consumes a huge amount of resources and energy. Measures to ensure energy efficiency include optimizing processes, advanced control systems, and implementation of energy-saving technology. Opportunities to reduce wastage can be identified by consistently monitoring the station’s energy consumption patterns.

Next Read

4 things to know before buying a walk-in bathtub

Made for higher safety and comfort, walk-in bathtubs have a watertight door and seat. These let the bather step into the bathtub over a low threshold. Thus, the design is quite accessible compared to conventional bathtubs since walk-in bathtubs make entering and exiting easier and more secure. They are perfect for people of every age and level of mobility. So, for those looking for a walk-in bathtub, here are a few things to know before purchasing one. Size of the tub There are plenty of shapes and sizes available for walk-in bathtubs. While most models feature a higher wall and thus appear bigger than conventional bathtubs, they can still fit in wherever the older bathtub was. So, there is no need to do any costly reconfiguration of the bathroom. However, always measure the older tub so that the newer walk-in tub is of the same dimensions. Options for door The door is one of the most crucial parts of any walk-in bathtub. One can simply walk into the bathtub with the door instead of climbing over it. This is what makes the bathtub safer and more secure. Based on the kind of walk-in bathtub one is considering, the door may open outward or into the bathtub. The type of door will depend on where the bathtub will be placed and who will be using it. This is because an outward-opening door requires more space. Also, this type of door is more suitable for those who use a wheelchair or require more room to get into the bathtub. Type of tub Most common types of walk-in bathtubs are similar to conventional bathtubs, except with a door. Aside from these, manufacturers also offer many options based on height, width, and extra features. For example, some walk-in bathtubs may have advanced features such as therapeutic jets and bubble massage jets. These are often useful to alleviate pain and discomfort in muscles and joints. Knowing one’s requirements can help determine the type of walk-in bathtub needed. Safety and accessibility features Walk-in tubs are primarily installed for their safety and accessibility features. While the low threshold and door are common safety features, it is important to check whether any additional features are also offered. These may include built-in grab bars, non-slip flooring, and secure seating.

Trending Articles

01

Hyperkalemia – 10 foods to avoid

Potassium plays a huge role in the health of our heart muscles and nerve cells. And high levels of this element in the blood cause hyperkalemia. If you consume meals high in potassium, your doctor may advise you to decrease portion sizes and concentrate on fruits and vegetables with a lower potassium content. Here is a list of foods rich in potassium that must be avoided if you have hyperkalemia. Yogurt and dairy products A serving of nonfat yogurt weighing eight ounces has roughly 625 mg of potassium, making it one of the dairy aisle’s highest sources of potassium. Even reduced fat milk contains 366 mg of potassium in a glass of cow’s whole milk. Ricotta and cottage cheese are also high in potassium. Goat cheese is a low potassium food, proving that not all cheeses are made equal. Likewise, About 131 milligrams of potassium may be found in a half cup of vanilla ice cream. Bananas When people consider foods high in potassium, bananas frequently come to mind. A banana normally contains 422 mg of potassium. Among all the fruit, bananas are athletes’ favorite as they provide energy. However, it could be highly dangerous for someone suffering from hyperkalemia.
02

10 incredible anticipated Black Friday jewelry deals

If you have been meaning to buy that beautiful solitaire ring or those stunning earrings, this Black Friday sale is the best time to do it. It is the time when you can restock your jewelry stash and even find some great gifts and keepsakes. We have sorted through hundreds of 2021 Black Friday deals and found the best ones so that you can keep an eye out for similar offers this year too. 10 expected Black Friday jewelry deals you cannot miss Pearl stud earrings One of the few things that have stood the test of time is pearl jewelry. It is classy, stunning to look at, and represents femininity and strength. Much more than just a trend, pearl necklaces are perfect for women of all ages. Macy’s cultured freshwater earrings are 7mm in 14k gold. These earrings could be available for almost $100 off in the Black Friday sale. Stacked rings One of the latest trends to hit the fashion circles, stacked rings are definitely gorgeous. They make you stand out from the crowd without making you look overdressed. KAY Jewellers might offer almost 70% on selected stacked rings in their range. It could also offer further discounts with an email sign-up.
03

5 different ways to use tablet computers

Tablets are equipped with multiple features that make them suitable for use anywhere, whether at the office, classroom or home. The device is not limited to as an entertainment source. But these should be used in a productive and balanced way to get the maximum use out of them. Are you looking for some ways to use these tablet computers smartly? Read on to know the different and smart ways to utilize a tablet computer. Second monitor One of the best ways to use a tablet computers is to use them as a second monitor. Some users prefer to work on more than two monitors to enhance and optimize productivity and manage their workflow. If you are one of them, this intelligent way is suitable and could be best for you. You can extend your display by connecting it with your computer. It will also save you money as it would work as another screen without the need to buy a new monitor. The screen is also larger and more beneficial than the regular smartphones. Taking notes For better and enhanced productivity, you can use your tablet computer for taking notes. You can write quick notes, prepare tasks and organize your goals with the help of the device.
04

6 mistakes to avoid when buying a new computer

Buying a new computer can be incredibly expensive, given the significant investment it requires. Also, the amount of choice available in terms of prices and configuration can make the whole process of buying a new device very overwhelming. Shoppers often make mistakes when buying a new computer, especially those who are less tech-savvy. In this article, we’ve listed a few common mistakes you can avoid when buying a new computer. Purchasing a computer that does not meet your needs Before buying a computer, it is important to determine your needs, whether you want to use it for home, work, or gaming. There is no reason to buy a computer with tons of RAM if you are not going to use it for heavy workloads or gaming. Shoppers often spend more money on features that they do not need. Before buying, you must list all the features you need and purchase the best one that meets your needs. Not thinking about other costs If you buy a gaming computer, be aware of what is included in your purchase. Most computer software is accessible on a trial basis, and you would need to pay after the trial period ends. It is best to look for deals where software is included in the price to help save money.

Our Blogs

Top 10 cat food deals to check out ahead of Black Friday 2022

Top 10 cat food deals to check out ahead of Black Friday 2022

Black Friday will be here soon, presenting pet parents an opportunity to stock up on food for their feline friends without spending a lot. There will be plenty of discounts from the top pet food brands, including Royal Canin and Purina. But if you cannot wait until then, check out these ten fantastic deals that are available right now. Take your time researching well and pick the healthiest options for your cat! Merrick Purrfect Bistro Grain-free Healthy Weight Recipe Dry Cat food This grain-free recipe ensures your pet gets the proper nourishment and maintains a healthy weight. Besides promoting weight control, it supports the muscles and improves digestive health. The product is already available at a discount of 7% on Chewy, but you can expect a better deal during the year-end sale. Wellness Healthy Indulgence Gravies Grain-free Variety Pack This variety pack makes mealtimes quick and easy. Created by nutritionists and veterinarians, the recipes are enriched with the finest ingredients to promote your cat’s well-being. Petco is offering a discount of 5%, but you can get it at an even lower price by opting for repeat delivery. Tiki Cat Queen Emma Luau Variety-pack Grain-free Canned Cat Food You can save 10% on this variety pack from Tiki Cat at Chewy.
Read More
20 Black Friday 2022 unmissable furniture deals

20 Black Friday 2022 unmissable furniture deals

If you’ve been waiting for Black Friday to make a big-ticket furniture purchase, now’s the time, especially if you’re searching for something, like a sofa or mattress. We’ve seen savings of up to 50% in recent years, so browsing the bargains may really help keep prices down, which is crucial, considering the cost of living. Also, remember to bookmark websites that offer information on the current Black Friday furniture bargains. Metal and wood platform bed frame On Amazon, the ZINUS Suzanne 37-inch Metal and Wood Platform Bed Frame could drop to $189 (was $220), a $31 savings. Bathroom vanity Last year, the Lark Manor Burchard 36′′ Single Bathroom Vanity Set was available for $549.99 (down from $724.99). Add this to your shopping list to save $175 at Wayfair. Floor lamp The AllModern Finton 60.25-Inch Tripod Floor Lamp might be available for $149, a 44% reduction. That’s a deal you don’t want to lose on. Queen-sized bed frame Last Black Friday, the Plank Beam PB312-002 Solid Wood Queen-Size Bed in White was on sale for $270.74 (down from $319). On Amazon, that is a 37% discount. Coffee table Cumka Coffee Table Teak Resin 23.6′′ is anticipated to retail at Walmart for $205.60, a 30% discount.
Read More
Fitness trackers – 10 best Black Friday deals

Fitness trackers – 10 best Black Friday deals

A fitness tracker will be on many Black Friday shopping lists this year. While it is on November 25, multiple deals are expected to pop up from early September to late October. Whatever your fitness mantra, high-tech fitness trackers can help you achieve your goals. And getting them at a discounted price is the cherry on the cake! Let’s check out some amazing Black Friday fitness tracker deals for the year 2022. Fitbit Versa 3 Continuous heart-rate monitoring, SpO2, support for NFC payments, a microphone for taking phone calls, and Google/Alexa assistance are some of the many incredible features offered by this tracker. Plus, unlike its previous variants, Versa 3 provides a built-in GPS for navigation. During the sale season, you might also find it priced under $200. Fitbit Charge 5 Fitbit Charge 5 delivers many upgrades to cater to your needs. Many online platforms offer it for under $150 for a limited period. Its features, like the bright OLED screen, electrodermal activity sensors, contactless payments, notifications, sleep tracking, heart monitoring, and timers, make it one of the most highly dependable fitness trackers. Garmin FENIX 7 Series A week’s worth of battery, topographical maps, touch screen, military-grade standard, up to 10 ATM water resistance, insightful training guides and programs, solar charging, and astonishing real-time stamina feature are the traits that make the 7 series an absolute hit.
Read More
Foods to avoid for managing Crohn’s disease

Foods to avoid for managing Crohn’s disease

When you have been diagnosed with a condition such as Crohn’s, it is vital to watch what you consume to avoid triggering or worsening symptoms. Although there is no specific meal plan for patients with this condition, it has been noticed that avoiding a few foods can help to manage the condition more effectively. However, these trigger items can vary from one person to another. Read on to learn about the foods to avoid during Crohn’s flare-up: Dairy products If you have Crohn’s disease, you might be lactose intolerant too. Lactose is a protein found in milk and dairy items such as cheese, and some people find it difficult to digest or process. Hence, consuming these items could trigger the symptoms of Crohn’s disease and lead to bloating, diarrhea, cramping, etc. However, dairy products are a rich source of vitamin D and calcium; if you are avoiding them, you would need to get these nutrients from other food sources. This can include green leafy vegetables and fortified cereals or juices. You might also need to talk to your doctor about taking supplements. Greasy and fried foods People with this condition should avoid items such as French fries and fried chicken.
Read More
10 Black Friday 2022 dog foods deals to check out

10 Black Friday 2022 dog foods deals to check out

With Black Friday comes amazing deals on a variety of goods, right from appliances to furniture and home décor to dog foods. Even popular brands, such as Royal Canin, Hill’s Science, Iams, and Blue Buffalo, offer hefty discounts during this time. Whether your dog loves dry food or wet food, you will find plenty of nutritious and delicious options at hard-to-miss prices. Check out the best Black Friday dog food deals given below. Blue Buffalo Life Protection Formula Adult Chicken & Brown Rice Recipe Dry Dog Food This dog food, originally priced at $67.99, is offered by Chewy at a discount of 10%. Blue Buffalo Life Protection formula is specially designed for adult dogs. Your pet dog will love to eat this healthy meal made with protein-rich deboned chicken and other natural ingredients. Hill’s Science Diet Adult Sensitive Stomach & Skin Chicken Recipe Dry Dog Food Hill’s Science offers a variety of dog foods to nourish your furry friend who is prone to having an upset tummy. This dry dog food contains nourishing prebiotic fiber and real chicken and is gentle on the stomach. At Chewy, you can get this dog food for $77.99 and save 4%. Iams Proactive Health Smart Puppy Original Dry Dog Food Get a 14% discount on Iams Proactive Health Smart Puppy Original Dry Dog Food when you buy from Chewy.
Read More
Foods to avoid for managing bronchitis

Foods to avoid for managing bronchitis

Bronchitis is a lung condition in which the lining of the bronchial tubes, which are responsible for transporting air to and from the lungs, gets inflamed. The condition can be chronic or acute and can develop as a result of an underlying respiratory condition or a cold. Certain foods can also trigger the condition and cause the symptoms to worsen. Here are some foods to avoid when diagnosed with bronchitis. Dairy products People suffering from chronic bronchitis need to limit their intake of dairy products. When digested, these items release a compound known as casomorphin, which is known to elevate the amount of phlegm and mucus released by the body. This can lead to severe coughing, which could worsen wheezing and pain in patients suffering from the disease. Instead of dairy products, you can opt for alternatives such as almond or soy milk. Excess salt Excess salt can be extremely harmful to patients suffering from the disease because too much sodium can cause water retention in the body leading to difficulty breathing. To season your food, it is essential to opt for low-sodium salt alternatives, as suggested by a nutritionist, to counteract any harmful effects on the body. It is also essential to keep an eye on labels about the amount of salt present in snacks and processed foods.
Read More