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W-2c Form: What You Should Know

Social Security  Employment Tax Statement (W2) for an Employee: If the employee's W2 is not already on file with the Social Security Administration (SSA), an employer may send this form to his or the employee at the time the wage tax statement is issued. Corrected Wage and Tax Statement (W2) — Social Security Form W-2c (Corrected Wage and Tax Statement) is one of the two forms (Form W-2 and W-3) available to individuals and employers. The employment form is filed with the Social Security Administration to provide information on the worker's earnings and  the total amount of taxes withheld from or credited to a worker's wages. In this guide, we will focus on what you need to do to calculate your federal, state and local tax payments. What is Form W-2? Form W-2 (Form SS-5) is a tax return statement that employers must file for their employees who have earned wages. This is the form of federal income tax returned by an employer to the Social Security What is “Earned Income” in Form W-2? “Earned income” is income from employment as described in section 11(b) or 12(a) of the Social  Security Act. This means that the money an individual earns from paying their wages can be reported on Form W-2 just like any other wages. Earned income includes wages, tips, commissions, and payments  in the form of gifts, prizes, pension or retirement income, rent. This also means that you can  report “earned” income on your state return, and it must be reported on Form 1099, Schedule C. Form W-2 is useful in determining your income tax payments: A. If you did not receive any  other payments during tax year. B. If you had earnings subject to Social Security or Medicare tax liability on Form W-2, then that income will not be withheld under section 1031. However, your wages will be repaid to you by the employer, and you will need to pay the Social Security and Medicare taxes with your federal return. C. If you make more than 100 qualifying wages per year, and you have paid Social  Security and Medicare taxes.

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