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Posts tagged as “taxable wage”

The 123s and ABCs of Reading a W-2

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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…

Deciphering the W-2 – A Handy Guide

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Over the next few weeks as employees start to receive their 2016 W-2 form, they may 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 pretax 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 all of…