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Learn how to read and understand the IRS W2 Form, also known as the Wage and Tax Statement. It is an important document required for filing your taxes. We will step through the different boxes and sections that provide information about your earnings and taxes withheld by your employer during the previous year.
In this video, we explain and discuss the IRS W-2 tax form (W2) and its importance in filing taxes. Employers are required to send this form to employees and the IRS annually, providing details of earnings and taxes withheld from the previous year. The W-2 contains personal and employer information, including identifying details, taxable income, and withheld taxes. It also includes boxes detailing Social Security and Medicare taxes, tips earned, dependent care benefits, and deferred compensation income, among others. By understanding the impact of each box on taxable income, taxpayers can ensure the completeness and correctness of their tax returns. Information for whether you're a beginner or an experienced taxpayer.
For more help and information, including links to IRS 1040 Forms and Instructions:
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(This is an affiliate link and we may receive compensation if you use this service. We appreciate your support, as it helps us create more content for you). If your tax situation is complex, it is strongly recommended to use a tax filing software or seek the assistance of a certified public accountant (CPA) to ensure accuracy and compliance. Remember that every individual's tax situation is unique, so it is essential to consult the official IRS instructions when preparing your tax return on your own
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Money Instructor is the leading source for financial education and skills development. For over two decades, we have been assisting educators, students, parents, and others in teaching and learning about money skills, personal finance, money management, investing, business, and career development. We provide resources and tools to help teachers, parents, and institutions teach these crucial skills to young people. By doing so, we also aim to reinforce basic math, reading, vocabulary, and other fundamental skills that are essential for success in life.
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Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.
