Get IRS W-2VI 2010

Box 12 with a code c is the taxable cost of group-term insurance over $50,000. If you had group term life insurance through your workplace, the premiums for any value over $50,000 become taxable income to you and are included in box 12.

C Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5. D Elective deferral under a 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement.

Box 1 "Wages, tips, other compensation": This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus pre- tax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).

Box 1 "Wages, tips, other compensation": This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus pre- tax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).

Interest income is entered on Form 1040. Amounts labeled Interest income and Interest on U.S. Savings Bonds and Treasury obligations on Form 1099-INT are reported as taxable interest.

Gross wages are the amount a company pays an employee before any deductions are withheld. On a W-2 tax statement, an employee's federal taxable gross wages appear in Box 1, which is located near the top-center of the form.

There's no hard and fast formula for calculating taxable income, as your total taxable income depends on your tax deductions, filing status and the standard deduction. ... Subtract any standard or itemized tax deductions from your adjusted gross income.

The amount in Box 11 is already included as taxable wages in Box 1. Box 12 applies to deferred compensation and other compensation.

Box 12DD: This is the total cost of the employer sponsored health coverage you received during the year in box 12 under code DD. This figure includes both the employee and employer paid shares of health insurance premiums and is for informational purposes only.

The number includes your wages, salary, tips you reported, bonuses, and other taxable compensation. Taxable fringe benefits such as group term life insurance will be included here, but Box 1 does not include any pre-tax benefits such as savings contributions to a 401(k) plan, 403(b) plan, or health insurance.

Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: ... C Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5. D Elective deferral under a 401(k) cash or arrangement plan.

Any medical premiums you pay with pretax dollars aren't counted in your taxable income. When your employer prepares your W-2, your employer won't include these premiums in box 1, your income subject to federal income tax. Instead, your employer reports the amount of the premiums in box 12 with the code DD.

The W-2 Box 12 codes provide more information and determine if the amount is income. ... The W2 Box 12 codes are: A Uncollected Social Security or RRTA tax on tips. Include this tax on Form 1040 Schedule 4 line 58. B Uncollected Medicare tax on tips.

When you receive your IRS W-2 form each year from your employer, box 2, "Federal income tax withheld," shows the amount of tax money your employer deducted from your pay and sent to the IRS to cover the income taxes you owe.

Box 2 on our W2 is the amount of tax withheld from your wages. However, this does not tell you how much you will get back. On your form 1040, you will see your refund on line 75. If you owe, the amount will be on line 78.