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Form 941-SS AR: What You Should Know

Form W-2 also must show the amount of wages includible in Box 2.  CATEGORIES ON FILINGS — Forms 941 and 941-SS use general categories: Wages — (Form 1120) This is the most common type of return, which includes wages, salary, interest income, tips and other tips, self-employment income, retirement compensation or pensions, and compensation received by an individual as a committee member. When wage earnings are due for filing on this form, they are reported as follows in the following order: First, the amount from the Wages, Salary, or Expense column. This amount is multiplied by: A deduction for the Social Security contribution based on the employee's filing status. Second, the amount from the Wages, Salary, or Expense column plus any net increase (if any) in the gross wages earned during the year. This amount is multiplied by: A taxable rate based on the tax period for which wages are being reported. The first half of the amounts is subtracted from the second half, if any. Wages (Line 7) — This is any wages, salary, or other compensation for services that can be deducted from the wages earned by some or all of the pay period for which the wages are reported. A W-2 (or 1-14) for an employee and his/her employer and Form 1099-MISC for an employer's employee must include a deduction figure on line 7. The formula is: Wages (Line 7) = Employee's wages (Line 1) + Amount from Expense column (Line 5) + Net increase in tax on wages. Social security and Medicare (Line 11) — This is the amount that is paid (or credited) to an employee at the beginning of a pay period for which social security and Medicare taxes are owed. The amount on this line is reduced by the amount of any benefit that is taxable (in Box 2), which has been reported on the employee's Form W-2 (or 1-14) with an amount calculated under this section.

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