W2 Form On Paylocity PDF Details

Peeling back the layers of the W2 form on Paylocity unveils a comprehensive blueprint of an individual’s earnings, tax withholdings, and benefit contributions throughout the year. At first glance, the form meticulously enumerates identifiable information starting with the employee’s and employer’s identification numbers and addresses, laying a foundation for a detailed financial narrative. As the narration unfolds, it catalogs gross taxable wages encompassing a multitude of earnings from wages and bonuses to other forms of compensation, such as non-cash fringe benefits and taxable reimbursements, while explicitly excluding pre-tax contributions like 401(k) and medical premiums. Furthermore, the narrative extends to federal and state tax withholdings, capturing the essence of an employee’s fiscal responsibilities. Notably, the form distinguishes itself by detailing social security and Medicare contributions, encapsulating the employee’s financial footprint in the healthcare and retirement spheres. It even delves into the specifics of deferred compensation, non-qualified plans, and a myriad of employee benefits that are precariously straddled between taxable and non-taxable thresholds. This meticulous documentation is further complemented by an assortment of codes in box 12, each narrating a unique aspect of the employee’s compensation package, from retirement plan contributions to employer-sponsored health coverage. Additionally, checkboxes provide insight into an employee's participation in retirement plans or receipt of third-party sick pay, rounding out a comprehensive profile of their employment terms and benefits. Through the lens of the W2 form provided by Paylocity, one gains not just a snapshot but a deep dive into the fiscal relationship between employer and employee, portraying a detailed financial year in review.

QuestionAnswer
Form NameW2 Form On Paylocity
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namesstartek w2, paylocity w2 form, how to get my w2 from hardees, hardees w2 forms online

Form Preview Example

W-2 BOX DESCRIPTIONS

For additional details and instructions refer to Instructions for Forms W-2 and W-3 (2013)

AEmployee's Social Security Number

BEmployer Identification Number

CEmployer’s Name, Address, and ZIP Code

D

Control Number: Optional field for employer use.

E/F

Employee's Name, Suffix AND Employee's Address and ZIP Code: The employee identification

 

number, full name (as shown on their Social Security Card), and address.

 

 

1

Wages, Tips, Other Compensation: Your total federal taxable wages.

 

THIS CAN INCLUDE:

 

∙ Wages, bonuses, and other cash compensation (including prizes or awards)

 

∙ Non-cash fringe benefits

 

∙

Executive life insurance

 

∙

Imputed income

 

∙ Non-qualified moving expenses

 

∙ Taxable employee business expense reimbursements

 

THIS DOES NOT INCLUDE:

 

∙ 401(k), 403(b), 457 contributions

 

∙

Federal exempt wages

 

∙

Medical contributions

 

∙ Health care and Dependent Care contributions

 

∙ All other pre-tax contributions

 

 

2

Federal Income Tax Withheld: The total amount of federal income tax that was withheld from your

 

wages, tips, and other compensation.

3Social Security Wages: Total wages that are subject to social security tax. Maximum amount to be entered is $113,700 for 2013.

4

5

6

Social Security Tax Withheld: The amount of social security tax withheld from all OASDI taxable wages. This amount should be equal to 6.2% of the wages listed in box 3 up to the maximum allowed ($7,049.40 in calendar year 2013).

Medicare Wages and Tips: The total wages, tips and other compensation that are subject to Medicare taxes. There is no limit on the amount of wages that are subject to Medicare taxes.

Medicare Tax Withheld: The amount of Medicare tax withheld from your Medicare taxable wages, tips and other compensation. This amount should be equal to 1.45% of the wages listed in box 5. Wages over $200,000 incur an additional .09% of the wages.

7Social Security Tips: The amount of tips that the employee reported to you even if you did not have enough employee funds to collect the social security tax for the tips. The total of boxes 3 and 7 should not be more than $113,700 (the maximum social security wage base for 2013). Report all tips in box 1 along with wages and other compensation. Include any tips reported in box 7 in box 5 also.

8Allocated Tips: If you are a food or beverage establishment, show the tips allocated to the employee. Do not include this amount in boxes 1, 3, 5 or 7.

9Do not enter an amount in box 9.

10Dependent Care Benefits: The total amount of any dependent care you had deducted for the year. This may also include contributions made by an employer for dependent care.

11Non-qualified Plans: Amounts distributed to you from non-qualified deferred compensation plans or non-governmental section 457(b) plan. The amount in box 11 is already included as taxable wages in box 1.

12

Deferred Compensation and Other Compensation: There are several types of compensation and benefits that can be reported in box 12. Box 12 will report a single letter or double letter code followed by a dollar amount. Here are the codes for box 12:

∙Code A – Uncollected Social Security or RRTA tax on tips.

∙Code B – Uncollected Medicare tax on tips.

∙Code C – Taxable benefit of group term-life insurance over $50,000. Already included as part of your taxable wages in boxes 1, 3, and 5.

∙Code D – Non-taxable elective salary deferrals to a 401(k) or SIMPLE 401(k) retirement plan.

∙Code E – Non-taxable elective salary deferrals to a 403(b) retirement plan.

∙Code F – Non-taxable elective salary deferrals to a 408(k)(6) SEP retirement plan.

∙Code G – Non-taxable elective salary deferrals and non-elective employer contributions to a 457(b) retirement plan.

∙Code H – Non-taxable elective salary deferrals to a 501(c)(18)(D) tax-exempt plan.

∙Code J – Non-taxable sick pay. This amount is not included in taxable wages in Boxes 1, 3, or 5.

∙Code K – Excise tax (equal to 20%) on excess “golden parachute” payments.

∙Code L – Non-taxable reimbursements for employee business expenses.

∙Code M – Uncollected Social Security or RRTA tax on taxable group term life insurance over $50,000 for former employees.

∙Code N – Uncollected Medicare tax on taxable group term life insurance over $50,000 for former employees.

∙Code P – Non-taxable reimbursements for employee moving expenses, if the amounts were paid directly to the employee.

∙Code Q – Non-taxable combat pay. Some individuals may elect to include combat pay when calculating their Earned Income Credit.

∙Code R – Employer contributions to an Archer Medical Savings Account.

∙Code S – Non-taxable salary deferral to a 408(p) SIMPLE retirement plan.

∙Code T – Employer paid adoption benefits. This amount is not included in Box 1 wages.

∙Code V – Income from the exercise of non-statutory stock options. This amount is already included as taxable income in boxes 1, 3, and 5.

∙Code W – Employer contributions to your Health Savings Account. Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. Report on Form 8889, Health Savings Accounts (HSAs).

∙Code Y – Salary deferrals under 409A non-qualified deferred compensation plan.

∙Code Z – Income received under 409A non-qualified deferred compensation plan. This amount is already included in taxable wages in Box 1.

∙Code AA – After-tax contributions to a Roth 401(k) retirement plan.

∙Code BB – After-tax contributions to a Roth 403(b) retirement plan.

∙Code DD – Cost of employer-sponsored health coverage.

∙Code EE – Designated Roth contributions under a governmental 457(b) plan.

13

Checkboxes: Checked boxes indicate whether an employee is a statutory employee, a participant of the employer’s retirement plan or received third party sick pay.

∙Statutory employees are employees whose earnings are subject to social security and Medicare tax, but not income tax.

∙Retirement Plan box is checked if you participated or are eligible to participate in an employer retirement plan. This information is used by the IRS to determine if you are eligible to contribute to an IRA.

∙Third Party Sick Pay may be checked if you received any compensation from an insurance company, under your employer’s plan while you were not working due to illness.

14Other: Applies to additional taxes or deductions not otherwise covered in the W-2. This box may contain one or more of the following:

∙Travel reimbursement

∙Taxable relocation expenses

∙Union dues withheld

∙Uniform payment deductions

∙Non-excludable moving expenses

∙Auto allowance

∙Social club membership

15State Code and Employer's State I.D. Number: The state code and employer identification number where state withholding was required.

16State Wages, Tips, etc: For the specified state, this is wages for the year that are taxable for state income tax withholding. These wages may or may not be the same as box 1 wages being reported.

17State Income Tax: The total state income taxes that were withheld from your compensation.

18Local Wages, Tips, etc: The total local taxable gross pay you received. Some localities do not require wages to be reported so this box may be blank even though box 19 has a tax amount being reported.

19Local Income Tax: The total local income tax withheld from your compensation.

20Locality: Box 20 provides a brief description of the local, city, or other state tax being paid. The description may identify a particular city, or may identify a state tax such as State Disability Insurance (SDI) payments.

Sample Form W-2 for 2013

http://www.irs.gov/pub/irs-pdf/fw2.pdf

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