What do you do when you get your first W-2?
Emily Baldwin 
What should I do with my W-2?
- Use the information on your W-2 to fill out your income tax return. TaxSlayer makes it simple to do this.
- Submit your return before April 15th. This is the tax filing due date.
- If your W-2 was sent to you by email, you should print a copy for your records.
How do you read and understand your W-2 at tax time?
How do I read a W-2?
- Box A: Your Social Security number, which the IRS uses to identify you.
- Box B: The employer identification number, or EIN, which the IRS uses to identify your employer.
- Box C: Your employer’s name, address and ZIP code.
- Box D:
- Box E: Your legal name.
- Box F: Your address and ZIP code.
What box on W-2 shows what you get back?
When trying to calculate what part of your W-2 you get back, you must start with your total annual income. This can be found in box 1 of the W-2 form. This amount will be combined with any money you earned from alimony, unemployment, running a business, capital gains or a second job.
What do you need to know about a W-2 form?
A W-2 form is a form that provides you the information you need to accurately report to the IRS your salary/wage information when doing your taxes. Other information your W-2 may contain is the amounts of federal, state and other taxes withheld from your paycheck.
When do you have to send Form W-2 to Social Security?
Form W-2 is basically a summary of what you paid your employee during the year. The form also lists how much you withheld for each tax. You must send Form W-2 to the employee, the Social Security Administration, and your state government (if required) by January 31 of the following year.
Do you have to pay tax on the first box of a W-2?
These documents are the starting point of your return, whether you file on paper or use software to file electronically. You won’t have to pay tax on all the earnings that appear in box 1 of your W-2 form, because you’re entitled to claim at least one tax break.
When do you get a W-2 for a home loan?
If you have ever had a part-time or full-time job, you have most likely received a W-2. Typically, if you’ve earned over $600 from an employer, you’ll receive a W-2 form. Many home lenders will use two years or more of tax returns to show that you are producing a reliable, steady source of income.
