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Video instructions and help with filling out and completing Which 940 Schedule R Form

Instructions and Help about Which 940 Schedule R Form

In this video presentation, I'm going to show you how to fill out a W-2. A W-2 is the annual report that an employer has to send out to all of their employees. It basically gives the employee the information that they need to fill out their own personal tax return. So, it includes all wage information, all taxes that have been withheld, and any other deductions or payments that have been withheld from the employee's paycheck. It tells you anything that has to do with your pay, including gross pay that's taxable and any taxes or deductions that have been withheld. I have provided an example of a W-2 in the video, and we will use that example to complete a W-2 for Kelly Reeds. I have provided the employer data and employee data for Kelly Reeds, including her payroll data, social security number, deductions, and taxes withheld. To calculate the federal income tax, we need to subtract any non-taxable deductions from the taxable wages. So, we subtract the $50 deduction for the 401k plan from the weekly pay of $415. This gives us $365, which is the taxable amount. Using the wage bracket table for single individuals, we find that with one withholding allowance, the federal income tax per week is $29. Multiplying this by 52 weeks, we get a total federal income tax of $1508 for the year. Now, let's fill in the W-2 form. In A, we enter the employee's social security number. In B, we enter the employer's identification number. In the employer's name and address sections, we fill in the provided information. The control number is optional and used by employers for tracking purposes. In the employee information section, we enter Kelly Reed's name, address, and city. Moving on to the numbers section, 1 is for taxable wages...