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IRS Form W2 Explained

A Penny Pinchers Guide to Personal Finance 43 views

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Thank you
Comment from : @tanisharobinson594

Great video! Thank you for taking your time to explain how to read this thing 😅
Comment from : @qkun

Super helpful! Thanks a lot
Comment from : @Ngohmacdonald

Thank you a lot for this video This is very interesting and informative Keep posting like those amazing videos, this is awesome
Comment from : @AdelitaWilliam-dl7ci

The fact that i have learned more things from YouTube than years of school shows how useless the education system is
Comment from : @andyguzman6232

Question about Boxes 1, 3 and 5: do any of these boxes show total income before anything is taken out? I am looking at mine, and all are blower/b than what I thought my salary was last year I already filed taxes, assuming they just represented a kind of net earnings instead of gross earnings but I'm now worried that either it's a error, or I wasn't paid enough all year
Comment from : @lrigdrenlrigdren2147

every single video on youtube about w2 breases right over the information i need, why can nobody say anything about box 18?
Comment from : @FreddyTraxx

Useless information
Comment from : @danwood4312

5:00 how would i know my employers EID??
Comment from : @GreyFromTheBay

Hey Brad, I have a line on my W2, “NONTAXABLE COMPENSATION” I did get a bonus but that was deposited separately in my account Do i have to declare that income? Can reimbursable expenses be part of NONTAXABLE compensation? Thanks
Comment from : @atulpatel2850

So how do I know the amount of money I will receive?
Comment from : @GenBlaze99

Do I pay for box 4 and 6? Sorry, I didn’t understand what you meant when you explained them
Comment from : @lizzyterrado9742

If section 3 is lower what could that mean?
Comment from : @kingsplex8974

Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from thembrbrEmployers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationshipbrbrAn employer must mail out the Form W-2 to employees on or before January 31brbrThis deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due datebrbrThe form is also used to report FICA taxes to the Social Security AdministrationbrbrThe Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of FebruarybrbrRelevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue ServicebrbrIn territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for GuambrbrIf corrections are made, it can be done on a W-2cbrbrIt has led to the phrase "W-2 employees" to refer to those who receive Form W-2, in contrast to independent contractors and other "1099 workers" whose income is instead reported on Form 1099
Comment from : @SuperGreatSphinx

1 Regarding W-2’s, I don’t have to file my tax return if I am single, 21 years old, a dependent under my parents, not claiming a child, and made under $12,000 is that correct?brbr2 Is there a difference between reporting earnings and filing taxes for those earnings?brbr3 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)
Comment from : @kindree5414

Thank you so much This helped alot
Comment from : @thatlovelydancerIlao

These videos are extremely helpful! Thank you!
Comment from : @DuBz007

Would you mind doing an in depth video on the local taxes boxes 15-20? These are by far the most confusing boxes i have to deal with every year, mostly because the locality name in box 20 (usually a county name) is not located in the state of box 15 It probably doesn't help that I live in one state and work in another, but pretty much every online tax return site doesn't seem to understand, or doesn't bother to explain, what to do if someone is in a situation like mine
Comment from : @alanfinck5595

u should of went over box D as well
Comment from : @darkestgreed

Which is the one that tells you how mucho money you getting back
Comment from : @erikcancho34

I cannot file my taxes without the State ID number, but my employer says they are still working on including it in my W2 Is this legal, though?
Comment from : @richterrizaldo2193

great explanation
Comment from : @lizbalderas921

Great video today! Keep up the hard work I was wondering if you can make a video on writing off depreciation in real estate on Schedule C (like your other video but with real estate instead) ?
Comment from : @hunterspencer672