Preparing a W-2 for Lay Employees - PowerPoint PPT Presentation

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Preparing a W-2 for Lay Employees

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  1. Preparing a W-2 for Lay Employees

  2. Enter Employee’s Social Security # 123-45-6789

  3. Enter Employer’s E.I.N. # 123-45-6789 51-1111111

  4. Enter Employer’s Name and Address 123-45-6789 51-1111111 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901

  5. Control Number is optional 123-45-6789 51-1111111 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 (optional)

  6. Enter Employee’s Name and Address 123-45-6789 51-1111111 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  7. How to calculate Box 1 123-45-6789 51-1111111 ????????? Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  8. SAMPLE ONLY TO CALCULATE FEDERAL/STATE TAXABLE WAGES • Begin with Gross Pay= $40,410 • Subtract “Before-Tax” Pension= $1,200 • Subtract “Employee’s Payment to Health Insurance = $3,000 (if applicable based on the church’s Personnel & Policies) • Subtract Employee’s HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) • Total Taxable Wages= $33,710

  9. Box 1, enter Employees’s Taxable Wages 123-45-6789 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  10. Box 2, Enter Federal Tax W/H 123-45-6789 51-1111111 33710 4232 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  11. Box 3, enter Social Security Wages (includes pre-tax pension) 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  12. Box 4, enter Social Security Tax W/H 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  13. Box 5, enter Medicare Wages (includes pre-tax pension) 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  14. Box 6, enter Medicare Tax W/H 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  15. Box 7, 8, 9, and 11 normally blank 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  16. Complete Box 10 if Employee chose FSA Dependent Care(for parents with children under 13-see health/dental coupon) 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  17. Box 12 – Codes C, E, W(For other codes, see back of W-2) 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  18. Box 12, Code “C” applies only if employer provides more than $50,000 life insurance for employee

  19. SAMPLE ONLY FOR BOX 12 CODE E • Begin with Gross Pay= $40,410 • Subtract “Before-Tax” Pension= $1,200 • Subtract “Employee’s Payment to Health Insurance = $3,000 (if applicable based on the church’s Personnel & Policies) • Subtract Employee’s HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) • Total Taxable Wages= $33,710 CODE “E”

  20. Box 12 – Codes C, E, W 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900

  21. SAMPLE ONLY FOR BOX 12 CODE W Important Note Box 12 W is for persons in HSA only: The amount includes employee’s contribution (i.e. $2,500) plus employer’s contribution. In December, a letter will be mailed to the employee providing the amount of the Employer’s Contribution. Treasurers should ask Employee for the letter • Begin with Gross Pay= $40,410 • Subtract “Before-Tax” Pension= $1,200 • Subtract “Employee’s Payment to Health Insurance = $3,000 (if applicable based on the church’s Personnel & Policies) • Subtract Employee’s HSA $2,500 Contribution or FSA Contributions (Health and Dependent) and FSA Adm (see health/dental coupon) • Total Taxable= $33,710

  22. Box 12 – Codes C, E, W 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 W 4900

  23. Box 13 –Retirement Plan if participating 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900

  24. Box 14 is optional – Information Box Only 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900

  25. Box 15– State and ID# where salary earned (ID# is located on State Transmittal Form) 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900 DE 1-51111111-001

  26. Box 16– State taxable Wages 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900 DE 1-51111111-001 33710

  27. Box 17 – State Tax W/H 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900 DE 1-511111111-001 33710 1230

  28. Box 18, 19, 20 – Complete if Employee is required to have local taxes being withheld 123-45-6789 4232 51-1111111 33710 Romans United Methodist Church 1500 Damascus Road Corinth, Delaware 19901 34910 2081 34910 506 (optional) E 1200 Joseph M. Porter 13 Wesley Road Asbury, DE 19900 X W 4900 DE 1-511111111-001 33710 1230