The first Social Security Numbers were issued in November 1936, and back then, they were issued through the U.S. Postal Service as the Social Security Administration deemed that was the most efficient way to reach the American workforce. Much like today, individuals completed the SS-5 form to request a number, and they were printed at one of the 1,074 post offices that were designated as a “typing center” before being distributed back to the individuals local post office. Fun fact #1, the first established number 055-09-0001 was issued to John D Sweeney, Jr. He died in 1974 at the age…
Posts published in January 2018
Over the next few weeks as your employees start to receive their 2017 W-2 form, they will most likely have questions as to what all those numbers mean. For example, it is not uncommon for a salaried employee who earns $50,000 per year question why their Box 1 Wages only reflects $45,000. The response is, ‘do you contribute to a pension plan or have pre-tax insurance, then if so those amounts reduce your “taxable” wage, which is what appears in Box 1’. To assist you with those questions, here is an explanation of what is in each box and what…