W-2 Wages and Tax Statement Vocabulary

Vocabulary terms and definitions related to the W-2 Wages and Tax Statement, including box definitions, tax rates, and filing deadlines.

W-2 Wages and Tax Statement

A form completed by the employer that reports total wages for the year and the amount of federal, state, and other taxes withheld to help the taxpayer complete their tax return.

Boxes 15 - 20

Boxes on the W-2 form that detail state and local earnings and taxes withheld.

Box 14

A box used for other taxes that do not fit elsewhere on the W-2, such as union dues, uniform payments, and deducted health insurance premiums.

Box 3

The box on the W-2 that shows the amount of income subjected to social security wages.

Box 4

The box on the W-2 that shows the amount of social security tax withheld.

Social Security Tax Rate

The rate held on Box 4 for social security, which is $6.2\%$, applicable on income up to a maximum of $\$168,600$.

Box 12

A box completed using codes, such as Code DD for healthcare benefits, that represent other compensations or reductions applicable to taxable income.

Boxes b - f

The sections of the W-2 used for an individual's person identification.

Box 6

The box where an employer reports the amount of wages withheld for medicare tax.

Medicare Withholding Rate

The base rate for medicare withholding, which is $1.45\%$.

January 31

The deadline by which employers must send W-2 copies to employees and file the W-2 with the SSA administration and the IRS.

Form 8809

The 'Application for Extension of Time to File Information Returns' used to file for a 30 day extension.

IRS Form 4506

An IRS form filled out to get a copy of an old tax return in order to obtain an old W-2.

IRS tax transcript

An online request that can be made to the IRS to get information from an old W-2.