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Summary of Federal Form W-2 Statements, it2

Summary of Federal Form W-2 Statements, it2 2025

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The document is a guide for completing Form IT-2, Summary of W-2 Statements, required for filing New York State income tax returns. It outlines the necessary information to be reported from federal Form W-2, including wages, tips, and tax withheld for New York State, New York City, and Yonkers. The instructions detail how to fill out each section of the form accurately and emphasize the importance of submitting it as a complete page with the tax return.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does federal withholding include Social Security and Medicare?

FICA stands for the Federal Insurance Contributions Act and requires employers to withhold three separate taxes from an employees gross earnings: 6.2% Social Security tax, 1.45% Medicare tax, and 0.9% Medicare surtax.

What is on the W-2 earnings statement?

Employers are required by the Internal Revenue Service (IRS) to report employees wage and salary information on Form W-2. The amount of federal, state and other income taxes withheld from the employees paycheck during the calendar year is reported on the Form W-2.

What is a W-2 summary report?

The Employee W-2 Summary report shows a preview of the information that will be printed on the employee Form W-2. This is helpful at the end of the year, when confirming that income is properly reported.

What box on W-2 shows earnings?

Box 1 - Wages, Tips, and Other Compensation Box 1 shows the amount of gross taxable wages an employer paid. These wages include prizes, bonuses, fringe benefits, and salaries. This part of Form W-2 does not include amounts given to retirement plans or other payroll deductions.

What is on the W-2 earnings summary?

Each year, employees receive a Form W-2 that provides details of the prior years earnings, taxes withheld, and other miscellaneous data (such as the taxable cost of group term life insurance, the cost of employer-sponsored health coverage, and contributions to retirement or tax-deferred savings plans).

What is the summary of W-2 statements?

It contains a summary of the income earned and the amount of taxes withheld during the prior tax year. Employees use this statement to fill out their tax returns. A W-4, on the other hand, is a form that employees complete and submit to their employees, typically when they begin a new job.

How to read a W-2 for dummies?

How to read your W-2 Box 1 - Wages, Tips, Other Compensation. Box 2 Federal Income Tax Withheld. Box 3 - Social Security Wages. Box 4 - Social Security Tax Withheld. Box 5 - Medicare Wages and Tips. Box 6 - Medicare Tax Withheld. Box 10 - Dependent Care Benefits. Box 12 - See Notice to Employee.

Summary of Federal Form W-2 Statements, it2 2025

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