What's a W2 Form - W2 explained

What's a W2 Form - W2 explained
W2 - W-2 Wage and Tax Statement tax form
How W2 relates to IRS Form 1040
IRS Form W2 W-2
www.irs.gov/pub/irs-pdf/fw2.pdf
_________________________________________________
0:00 W2 Introduction
1:00 Link to W-2 form in the description
1:51 Don't worry about box d
2:43 Box 2 is line 17 of Form 1040
3:30 No Maximum wage base for Medicare
4:02 Unreported Social Security tips
4:31 Don't worry about box 9 - IRS security code
6:34 is a contract worker but
6:53 Other
7:12 to 20 are for State and Local taxes
8:48 Link to IRS Form W-2 is in the description
W4 2022 instructions for Married filing jointly with dependents. w-4 Married filing jointly 2022.
How to fill out w4 tax form 2022.
W4 Married filing jointly with dependents 2022
W-4 Head of household
W-4 Single
How to fill out W4 Employee Withholding Certificate. IRS tax form W-4 tax.
Employee W-4 Withholding Certificate W4 - New Job
W4 | Employee's Withholding Certificate | IRS Tax Form W4.
Step by Step Walkthrough
How to fill out a W-4 form for Married filing Jointly
www.TaxesbyKatie.com
Form w4 Employee's Withholding Certificate links.
Form W4 and w-4 Estimator at IRS Tax .gov website:
W4 Tax Estimator or IRS W-4 Form Estimator
www.irs.gov/individuals/tax-w...
W4 IRS tax Form W-4
www.irs.gov/pub/irs-pdf/fw4.pdf
W4 Tax Form 2022, 2021 has 3 variations in 2022:
W4 single Tax Form - Single
W4 Head of Tax Form - Head of Household
W4 Married filing Jointly Tax Form - Married Filing Jointly
W2 instructions:
Katie St Ores CFP has done a 'How To file a W4' video for each W-4 Form:
Employee's Withholding Certificate
How to fill out a W4 Form 2022
How to fill out W4 single 2022 W-4
How to fill out a w4 Married Filing Jointly W-4 2022
How to fill out a W-4 Head of Household W4 2022
For W4 married filing separately, please watch How to fill out W4 single.
(W4 for Single is the same as W-4 for married filing separately)
Katie St Ores has also done other Form W-4 related videos:
W4 vs W2 What's the difference
W4 IRS Form W-4 Explained in 2022
IRS Form W2 explained
How to replace missing W-2
How to pay your taxes to the IRS
W4 Employee's Withholding Certificate
How to file a W4 Employee's Withholding Certificate form can be confusing. We hope these videos on W4's and W2's are helpful in completing these new IRS Forms in 2022. Remember, only steps 1 & 5 are required when filling out Form w4. Two more Form w 4 videos are to be completed soon. First, How to file a W4 Form and How to complete a W-4 form using the W4 Form Estimator. These will be in the new How to File form W4 Playlist.
Good luck and Thanks again...
Note: Please understand that these videos are for EDUCATIONAL purposes only and are very general.. All people and their financial situations are different. So it is important to consult your tax or financial professional.
_________________________________________________
Katie St Ores CFP®, ChFC®, EA, LTC
• 97 Hours of Continuing Education each year to maintain Professional designations
• CFP® - Certified Financial Planner
• ChFC® - Chartered Financial Consultant
• EA - Enrolled Agent - Empowered by the U.S. Dept. of the Treasury
• Licensed Tax Consultant -Licensed by the State of Oregon
• Registered Investment Adviser- Oregon Div. of Financial Regulation
• Tax Accountant - Markusen & Schwing CPA's
Katie St Ores discusses the W4, W4 tax form 2022, W4 tax form 2022 married filing jointly, W4 tax form 2022, single, W4 tax form 2022 head of household and how to fill out W4 tax form 2022. How to file a w4 W4 tax form 2022, how to file a w-4 tax form 2021, W4 tax form 2021 new job, W4 tax form 2022 married, W4 tax form 2022 head, w4 single, w4 married, W-4 married, McMinnville Katie St Ores, tax preparation near me, 97128, Katie St Ores, How to fill out a w4, W4 tax form 2022 step by step,W4 tax form with dependents.
Katie St Ores CFP
www.TaxesbyKatie.com
McMinnville, Oregon 97128
Tax preparer near me
Katie St Ores CFP®, ChFC®, EA, LTC
St Ores Wealth Management llc
www.SaintOres.com
2022, 2020, 2021 Women’s Initiative (WIN) CFP® Board
2022, 2020, 2021 Financial Women to Watch on KZbin
Yamhill 97101 97111 97114 97115 97127 97128 97132 97148 97378 97396

[@phaggut7875]

My left ear enjoyed this

[@AsterBonRacioArec]

Made the right ear jealous.

[@princeoccean6579]

I thought my AirPods were broken

[@allthingspretty6070]

🤣🤣🤣 I thought I was tripping

[@opinionsrlikeaholes359]

😂

[@cohenwarren5766]

Same

[@shadowlynxv6082]

Asked scrolling after the intro. Haha. Thanks for the information. I couldn’t read any more publications today so this helped.

[@ShiftNova]

So how do you figure out how much will be coming back to you, once you file your taxes, and if that amount is right?

[@mauricio9226]

Nice explanation but it would have been better to just display the form on the screen instead of switching between the form and the speaker

[@KatieStOresCFPChFCEA]

[10:08 AM PST] @SaintOres.com Hello Mauricio, Thanks for the suggestion. I guess I should have take at least one video arts class in school and not all finance stuff.

[@sharonlewis7006]

Love from my heart

[@KatieStOresCFPChFCEA]

Thanks Sharon...

[@moombeam4130]

im so confused am i supposed to fill this out and send it somewhere??? i dont even work for the place anymore dude i got fired during my training process so why tf did i get this ?!?! i hate big words sumone pls help

[@KatieStOresCFPChFCEA]

Hey Moon, You use your W-2 to prepare your tax return. Nothing to panic about. Just keep it handy until when you file your taxes.

[@beatricesylvie7451]

Why do I have two sets of numbers in the boxes 18,19, and 20 on my W2?

[@ibrahimkurdieh3728]

Very helpful thanks

[@KatieStOresCFPChFCEA]

Thanks Ibrahim, Glad it helped

[@remy9536]

Liked! Hi Katie, I'm confuse as to which W2 box I should be using for my Gross Income when applying for assistance such as a new Health Insurance to qualify for certain cheaper plan. In my case, my box 3&5 is a lot higher than the wage box 1 which did not include the 401K contribution/Other Cafe125. Since I'm unsure, I just select whichever box that has the highest number/income, so I told them amount in box 3. This end up me paying a higher premium. So going forward, which box should I be using to inform my income? Is box 1 the gross income or the net income or neither?

[@KatieStOresCFPChFCEA]

Hey Remy, Typically, the gross pay is not found on your W-2 because of the various pretax deductions. Instead, the gross pay can be found on the your final pay stub for the year.

[@omar90s91]

I have a questions, i'm working for the first time on a fast food place, on my first month i got the w2 form on january 31 2021, about the two days i start working on december 30,31 2020. Do i need to fill a tax return on that? I only make like less than 200 dollars that two days working. I'm very confused about that.

[@KatieStOresCFPChFCEA]

[2:28 PM PST] @TaxesbyKatie.com Hello Omar, A tax return is necessary when your earned income is more than your standard deduction. In 2021, for example, the minimum for single filing status if under age 65 is $12,550. If your income is below that threshold, you generally do not need to file a federal tax return.

[@minstreltokunbo]

12DD is it a bad thing?

[@ushouldknow1359]

So how do I know how much I get back im kinda confused

[@staywoke3316]

With this can I get stimulus checks i haven't got one I've been working for couple months but before that just school do to the pandemic

[@TheOnlyPiTA]

What about how much you grossed from last year how do you find that out

[@ricardoa9500]

Hi Katie, can you explain box13? My employer checked the retirement box but I never signed up for their retirement plan. Did they make a mistake by checking that box or does that just mean that it was offered to me? Thank you in advance.

[@KatieStOresCFPChFCEA]

[09:25am PST] @TaxesbyKatie.com Hey Ricardo, Form W-2 Box 13 has 3 Different "Check Boxes". Below is an explanation of each: Statutory Employee: If this box is checked, you are treated as Self-Employed for tax purposes and must report your income and expenses on Schedule C. Retirement Plan: If this box is checked, it means you had access to a Retirement Plan through your Employer during the year such as a 401(k). Third Party Sick Pay: If this box is checked, you received payments for sick-pay from a company other than your employer, usually an insurance company. Hope this helps.

[@Tia11111]

When I filled with turbo tax the amount for my return looked wrong seeing I had paid so much through out the year. I was wondering if you could tell how much you were getting back by looking at the form? Or how do they ( tax companies) come up with the amount ?

[@KatieStOresCFPChFCEA]

[02:22 PM PST] @TaxesbyKatie.com Hello Montia, since you are saying that you paid a lot throughout the year. Check page 2 of Form 1040 and see Line 25 (federal income taxes withheld from). If you don't have any numbers in the section, then you missed the input somewhere.

[@Skyecharter]

Mines dint make sense either. I only got 1300 and I worked for 6 months.

[@wooliemall2599]

Super confused ...I only had federal which was on box #2, social s on box #4:, and Medicare on box #6 deducted from what I made total from that job how do I know my actual take home pay for my w2? And then it has and say my state income at the bottom which is In my #17 from my personal w2 form. How do I know my tax return take home pay?

[@KatieStOresCFPChFCEA]

Hey Hoza, To determine your net pay, add up the amounts for FICA taxes, income taxes (fed and state), and other deductions, then subtract that total amount from your annual gross pay. What's left is your net pay.

[@catwalk1470]

Very Informative... Kindly make a Video on *W4 Tax withholdings* (Deductions and Allowances) as well.. Thanks a lot!!

[@KatieStOresCFPChFCEA]

[12:51pm PST] @SaintOres.com Hello Paad, Thanks for the input. The biggest change to the new W-4 form is that you don't claim withholding "allowances" anymore, and exemptions, deductions also were eliminated. Please, watch my most recent video on W-4. Here is the link... kzbin.info/www/bejne/oYecn3Vrmdd8ldU

[@jordanann7855]

What should I do if I have two different numbers in box 18 and two different numbers in box 19 but two of the same number in box 20

[@KatieStOresCFPChFCEA]

[1:16pm PST] @SaintOres.com Hey Jordan, Your employer uses Boxes 15-20 to report state and local income tax information with the two-letter abbreviation of your state alongside your employer’s state ID number (assigned by the state). These boxes can report wages for two states and two localities. You should report them appropriately depending on how your tax software handles input for multiple localities.

[@Yvonne-pr3jx]

Hi Katie, Im taking a tax course now but I cannot figure out how to get the refund amount. Do you have any videos showing how to go about do this? Thank You

[@KatieStOresCFPChFCEA]

[3:08pm PST] @SaintOres.com Hello Yvonne, Your tax software will do it for you (calculate the refund amount). But in general, your refund is calculated as the amount withheld for federal income tax minus your total (exact) federal income tax for the year. Sorry, I don't have any videos on that. Good luck with your studies.

[@ali_plays]

Hi! Need to ask this, if my federal doesnt have a number amount on it, am i still getting money from it? Im supposed to have it at single 0

[@KatieStOresCFPChFCEA]

Hello Ali, I'm not too sure what you are asking. If you want a precise number that will be withheld for taxes, use this estimator. It should help you. Here's the link. www.irs.gov/individuals/tax-withholding-estimator

[@brownbag2990]

I had federal taxes withheld in 2021 and now the box is blank? Does that mean I will not be receiving a return?

[@KatieStOresCFPChFCEA]

[12:41pm PST] @TaxesbyKatie.com Hello Bag, I think you are referring to a refund, not to a return. After deductions and tax credits are figured in, the amount paid often exceeds the actual amount owed, and a tax refund is issued. If you didn't have any federal taxes withheld from your paycheck you may still get a refund, but there is a chance you could owe taxes instead.

[@nathancampbell8064]

Can you have sums in box 16 that add up to more than box 1? It would seem like I’m being taxed on more than I made gross for the year.

[@KatieStOresCFPChFCEA]

[3:35pm PST] @TaxesbyKatie.com Hey Nathan, If retirement contributions are exempt from state income tax in your state, boxes 1 and 16 may be the same. If contributions are subject to state income tax, Box 16 may be higher than Box 1.

[@nathancampbell8064]

@@KatieStOresCFPChFCEA I haven’t had any retirement contributions that I know of… just taxes.

[@abaalwalidagoram5429]

It was a great video thanks a lot My question is i Moved from California to texas and still working with same company, my w2 shows one income and also ca taxes ( multiple) texas has no state tax how im supposed to enter the california state tax and the address shows texas ... thanks kindly

[@KatieStOresCFPChFCEA]

[11:41am PST] @TaxesbyKatie.com Hello Aba, The input depends on the tax software you are using. Please, contact your software's tech support.

[@KirkTVOfficial]

Thank you it helped with my new job at Intuit

[@KatieStOresCFPChFCEA]

You're Welcome. Glad it helped. And good luck at Intuit, it's a very good company to work for.

[@KirkTVOfficial]

@@KatieStOresCFPChFCEA Well we are still in the training portion but this video sure helped with one of my modules. Thank you again and Happy Holiday to you!

[@KirkTVOfficial]

@@KatieStOresCFPChFCEA Thanks Katie! I appreciate it. I subbed to your channel \m/

[@LadyDiuto]

what if as an employee i paid less than $500 of wage to an employee, do i have to provide this form?

[@KatieStOresCFPChFCEA]

[11:11am PST] @SaintOres.com Hello Lady Diuto, The "General Rule for Form W-2" states that an employer must file Form W-2 for any employee that earned ANY amount of wages and from which the employer withheld income, social security, or Medicare tax.

[@TrippyZeke]

So if I send this somewhere they will give me money? If so which box tells me how much money I get. And can I still get it if I’m dependent on a parent?

[@Luweezy]

I'm wondering the same, I'm so new at this😂

[@lonelynights7395]

We all confused out here 😭

[@TrippyZeke]

I just want my money 😭

[@tilly3851]

What I'm also trying to figure out. But idk my mom told me in some cases I can owe them if what they were taking out my check was low🥺

[@shroominz9471]

So If I never got my W2 ? My employer is withhelding it from me? .. I called my employer and he said it's in his office. I , no longer work there.. do I call again? And ask for it?

[@KatieStOresCFPChFCEA]

[09:54am PST] @TaxesbyKatie.com Hey Sickboi, Since this is a common problem, I did a video on a few of the ways to get your W-2. Here is a link and I hope it helps. kzbin.info/www/bejne/ZqjElJ2abtBgf6M

[@Eli-qr9hc]

i am filing single in NC, (EDIT, SORRY MEANT NC) I know to send one of the W-2 to the fed but, on the state, do i send BOTH of my COPY 2's of the W-2? or if one which one (reference copy or the Filing copy?)

[@KatieStOresCFPChFCEA]

[11:21am PST] @TaxesbyKatie.com Hey Eli, Please, refer to instructions for SC 1040 form dor.sc.gov/forms-site/Forms/IITPacket_2021.pdf

[@Eli-qr9hc]

@@KatieStOresCFPChFCEA I did read page 11 but it doesn't say if I mail both of the copy2's or which one of the filing or reference copy.

[@KatieStOresCFPChFCEA]

Hey Eli, In my state, it doesn't make a difference as long as they get one. The data is the same. I would expect it to be the same in NC. Give your state taxing authority a call to make sure. The wait time might be very long at this time of the year.

[@gamingwithmiyah6492]

Wait so state income tax is how much you get back ? Or is it how much they added ?

[@VuDave]

State Income Tax in box 17 is how much Tax they withheld

[@violetrumble3761]

If I filed 1040 do I still have to send w2...thanks for your time

[@KatieStOresCFPChFCEA]

[3:12 PM PST] @TaxesbyKatie.com Hey Violet, Sorry about the long delay replying, but we had a crazy ice storm. You don't need to send your Form W-2 o the IRS and should keep them in a safe place with a copy of your tax return

[@satyendrakumar4268]

Hey Katie, its little confusing perks, as you nothing mentioned about the period while discussing form w2 as to whether it should be issued like periodically months or annually?

[@KatieStOresCFPChFCEA]

Hi Satyendra, Form W-2 is issued annually, by January 31st of the following year. This is the deadline set by the IRS for employers to distribute Forms W-2 to their employees.

[@satyendrakumar4268]

Ok then the limit $600 for monthly or annual? As you said in this video?

[@desireedesi9383]

I’m so confused I don’t know anything about taxes I need help to learn

[@KatieStOresCFPChFCEA]

Hey Desiree, Taxes can be confusing. Get a good tax software program or a good tax accountant.

[@Johnsworld-_-]

I had to watch this for class

[@KatieStOresCFPChFCEA]

Hey Egghead, Hope it helps you get an A.

[@kindree5414]

1. Regarding W-2’s, I don’t have to file my tax return if I am single, 20 years old, a dependent under my parents, not claiming a child, and made under $12,000... is that correct? 2. Is there a difference between reporting earnings and filing taxes for those earnings? 3. Every employer who pays at least $600 must give employe a W-2 form, but what if they paid less than $600? (For example, an employee only worked enough to make $599)

[@KatieStOresCFPChFCEA]

Hello Kindree, If you're single, under 20, and earned less than $12,000, you don't need to file a tax return. But if you earned more, received taxable benefits, owe taxes, or your state requires it, you must file. Reporting earnings is different from filing taxes. Employers don't have to give a W-2 for under $600, but they must report earnings to the government.

[@kindree5414]

@@KatieStOresCFPChFCEA Thank you for answering my questions. 1. So, the employer reports the employee’s earnings, not the employee themself? 2. You said under 20, so if your 20 and over, then you DO have to file even if you made less than 12,000, are single, a dependent, and not claiming a child?

[@KatieStOresCFPChFCEA]

[10:08 AM PST] @SaintOres.com Hello Kindree, Different thresholds for filing taxes make a difference if you are under or over 65. In this case, it doesn't make a difference if you are 20 or 22. Your employer reports your earnings to the IRS using specific payroll forms. You report your earning on your personal tax return.

[@jojosamia4274]

I still did not get an answer to my question anywhere I looked.. what is social security wages????? My husband does not receive any social security wages.. he is self employed and I am stuck with his w2 because of that as this is out first time dealing with this..

[@KatieStOresCFPChFCEA]

[10:47am PST] @TaxesbyKatie.com Hello JOJO, Social Security wages on a W-2 are an employee's earnings that are subject to federal Social Security tax withholding.

[@melvinfoster1426]

What is box C?

[@KatieStOresCFPChFCEA]

Hello Melvin, Box C of the 2023 Form W-2 is your Employers info. Employer's name, address, and zip code. Box F is for your (employee) info.

[@CTOHeadShot51]

Where does it display my take home after taxes?

[@KatieStOresCFPChFCEA]

Hey Jerry, To determine your net pay, add up the amounts for FICA taxes, income taxes, and other deductions, then subtract that total amount from your annual gross pay. What's left is your net pay.

[@dixiefereti5059]

So how do I know how much am I getting back no ones answering people wi the same question lol

[@KatieStOresCFPChFCEA]

Hello Dixie, To know how much you are getting back, use the tax withholding estimator. They are updating it now but it should be back up and running in a couple of days. Here's the link... www.irs.gov/individuals/tax-withholding-estimator

[@timspence172]

no audio

[@KatieStOresCFPChFCEA]

[9:52am PST] @TaxesbyKatie.com Hello Tim, Sorry about that. I recorded this video in mono on only the left channel. I should have taken an audio/video class in school instead of all finance and taxation.

[@endofaneraoutnow3473]

I didn’t mines and just got 1,402. PERIODDD

[@janaalshammary2884]

I don't hear anything!!!!!

[@KatieStOresCFPChFCEA]

Sorry about that Aliaa. I recorded only in mono on some of my early video. I learned a little and now record in stereo.

[@fields1336]

Thanks Hot Mama

[@KatieStOresCFPChFCEA]

You're welcome.

[@KirkTVOfficial]

keep it in yo pants playa

[@whirlwes]

Wtf loll

[@Simon-fp8xv]

I’m dead 😂

[@Simon-fp8xv]

Great vid tho

[@Fate-estates]

cute lady..

[@shadowlynxv6082]

Um. Uh. Ok?

[@mattcass6459]

Did not help at all

[@KatieStOresCFPChFCEA]

Sorry, I misread the video you watched. Thought it was a W-4 video.