Is Box 3 on W-2 your salary?
Box 3 on the W2 forms represents Social security wages and Box 4 are the social security taxes on those wages. Similarly, Box 5 represents Medicare wages, and Box 6 are the taxes on those Medicare wages.
What is Box 3 on my W-2?
Box 3: Social Security wages. Box 3 reports the total amount of wages subject to the Social Security tax. The Social Security tax is a flat tax rate of 6.2% on your wage income, up to a maximum wage base of $106,800 (for 2010).
What is excluded from box 3 on W-2?
Box 3 “Social security wages”: Social security wages are calculated as Federal Taxable Gross (Box 1) plus Retirement Deductions (Box 12). Box 4 “Social security tax withheld”: This is social security tax withheld from your pay.
What is the difference between Box 1 and Box 3 on my W-2?
Box 1 shows your total taxable wages, tips, prizes and other compensation, as well as any taxable fringe benefits. It does not include elective deferrals to retirement plans, pretax benefits or payroll deductions. Box 3 shows your total wages subject to the Social Security tax.
Does garnishment show on W-2?
You do not have to include garnishments in an employee’s Form W-2 for the year. However, some employers choose to do so in box 14 (“other”) of Form W-2.
What are the codes for Box 14 on W-2?
Box 14 — Employers can use this W-2 box to report information like:
- A member of the clergy’s parsonage allowance and utilities.
- Charitable contributions made through payroll deduction.
- Educational assistance payments.
- Health insurance premiums deducted.
- Nontaxable income.
- State disability insurance taxes withheld.
How are garnishments reported on w2?
Although your employer is not required to report wage garnishments on your W-2. you can manually insert this information on Box 14 of the form.
How long does it take for a garnishment to find your new job?
The court will send notices to you and your bank or employer, and the garnishment will begin in five to 30 business days, depending on your creditor and state. The garnishment continues until the debt, potentially including court fees and interest, is paid.
What is code DD on W-2?
Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan. Nevertheless, you should enter the Code DD and the amount of your employer-sponsored health coverage plan if you see it on your W-2.