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IRS W-2 2023 AR: What You Should Know

This form, also known as a wage and tax statement, shows the employer's income and deductions. It is used to calculate employees Social Security and Medicare payroll taxes. These payments must be taken as a reduction to the tax withheld from employees' pay. Form W-2 is required to be filed with your tax return. For more information, see the instructions for Form W-2.  Form W-2 and Wage and Tax Statement This publication describes Wage and Tax Statement on Form W-2. Income for a Tax Year For a given employee during the year, wages, tips, salaries, and other compensation must include the appropriate amount of earned income each pay period. Included in the amount of wages which will be calculated as a worker's income each pay period is the following items: 1) Base pay: Base pay is earned income. Example : A salaried employee has wages from 2 different employers of 40,000.  The base pay amount for that employee in the year is 35,000, and the base pay for each of the 2 different employers is 30,000.  35,000 × 7 pay periods = 180,000. Base pay is adjusted for any overtime.  2) Overtime. Overtime is earnings from overtime work not included in the regular amount of wages. The usual payment of overtime is a dollar amount based on the normal hours of work to be paid. For example, if an employee works a 9-hour shift in a week, she will be paid 30 for the work, or 10 for each hour over the 9 hours. Overtime is computed in 3 ways:  • On a prorated basis each week or month: The regular amount of wages is adjusted for overtime wages earned by the employee. However, as soon as overtime is deducted, both the regular amount of wages and the overtime earned are prorated to the pay period for which overtime is taken as a result of that pay period's workweek. • On a weekly basis: When the employee is hired during week X, the regular amount of wages is prorated based on the employee's hourly wages in each pay period during the year.  • On a biweekly or semi-annual basis: When the employee is hired in week X, the regular amount of wages is prorated based on the employee's hourly wages in each pay period during the year; or Income from Other Work.

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