If you have wages subject to withholding in more than two states or localities, your employer will furnish an additional form W-2. If you have wages in box 18 subject to local, city, or other state income taxes, any amount of withholding will be reported at box 19.

What do you need to know about W-2 forms?

Form W-2 is filed by employers to report wages, tips, and other compensation paid to employees as well as FICA and withheld income taxes.

How much money do you have to report on your W-2?

As an employee, you’re required to report all wages you earned from your job or jobs during the year on your tax return. Generally, the minimum for receiving any type of income tax reporting document is $600 in wages paid. You should receive three copies of your W-2: Copy B, C and 2.

Where does the correct address go on a W-2?

Your address is reported at box (f) and should reflect your mailing address, which could be a post office box, and is likely without punctuation (a USPS preference). If your address on the form W-2 isn’t correct, notify your employer: You won’t need a new form W-2, but your employer needs to update his or her records.

What is taxable income in box 1 of W-2?

The employee’s taxable wages in Box 1 are $48,000. The employee’s taxable wages in Boxes 3 and 5 are $50,000. Retirement plan contributions might be subject to state income tax, depending on the state. Some states follow federal rules when it comes to tax-exempt retirement contributions.

Can you have both state and federal taxes withheld?

You can have both state and federal income taxes withheld, but you cannot have state taxes withheld and federal taxes withheld twice at both levels. State withholding works the same way as federal withholding for income tax, but states have their own versions of Form W-4.

Who is issuing the Form W-2 to employees?

A form W-2 (blank form downloads as a pdf) is issued by an employer to an employee. An employer has certain reporting, withholding and insurance requirements for employees that are a bit different from those owed to an independent contractor.