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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 at W 2 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's got the w2 includes all wage information all taxes that have been withheld it might include things like any dependent care that was withheld from your paycheck or any deductions for a retirement plan that was withheld from your paycheck or maybe some union dues basically it tells you anything that has to do with your pay okay so it basically tells you your gross pay that's taxable as well as any taxes that have been withheld or any other deductions that have been withheld okay so I have given you this w2 example in angel and then what we're going to do is we're going to actually complete a w-2 so this is what a w-2 looks like time and so we're going to actually use this w2 example to complete this w2 so here I've given you an employer data and then I've also given you an employee data so we're going to do a w-2 for Kelly wreaths I'm giving you her payroll data she's single with one allowance so she gets paid for 15 weekly I've given you her social security number she has a deduction for her 401k plan of $50 a week she's had 950 dollars in dependent care payments taken out this year and she's also had $50 in unities taken out of her pay this year and then I've also given you certain taxes that have been withheld Social Security Medicare state income tax local income tax and what I want to do is we're going to actually calculate the federal income tax that's going to be taken out so first let's do that and then we'll complete our w-2 so here what I'm going to do is we've got for 15 a week okay that she gets paid now one thing we need to take out anything that is not taxable before we calculate our tax so here we've got this deduction for 401 K well that is going to come out pre-tax so we're going to subtract out the $50 okay and when we do that we get we get three hundred sixty-five dollars so this is what we need to look for on our wage bracket table okay so again she gets paid weekly and she's single so what I've done is I've come here and I've got the single weekly wage bracket so this is from your your tax tables and appendix t in your textbook and again we're looking for 365 and how many was holding allowances that she has just warmin okay so then we're going to come here we get 365 we've got one withholding allowance so therefore her tax per week is 29 okay so we're going to come back we've got 29 per week but again w2 is an annual forum so 29 a week times 52 weeks would give us 15:08 for the year okay so that's our outfit it's gonna be 1508 okay all right so let's look at our done YouTube first let's just fill in the the easy stuff okay first in box a you want to put in the employee social security number so I gave that to you as turn this on Oh 0:08 804 okay and then in Box B you've got your employer identification number I gave you that here as zero zero zero zero zero zero 917 so let's add that in okay and then the employers name and address and zip code I gave you all of that information here so we can add that in its Queens Court and on 4,800 River Road and that's in Philadelphia Pennsylvania one nine one one three control number is something that is for the employer so let's say you had two hundred and sixty-five employees you might want to put okay this is employee number one okay so the IRS doesn't really worry about these control numbers so much this is again for the employer to kind of keep track of their W T's okay and then we've got Kelly Reese put her name there I told you that she lives at 54 Grayson place in Philly and so that's in Philadelphia okay so that's all you have to do for that okay so now let's get back over to these boxes for the numbers okay so the first box is all about our wages from time so here what you're doing is you are putting in what is Twitter our taxable wages for federal income tax so if we look back over here she gets 415 a week but remember part of this 415 is not taxable $50.00 of it is not taxable dependent care payments and hinges do not affect the taxability of here your wages okay but this deduction for 401k plan that is not taxable so therefore we need to take come here and take 415 minus 50 and again that was 365 and how often does she get paid that weekly so 365 times 52 weeks means that her annual salary that's taxable was 18,000 980 so I'm going to come back over here and put in our 18,000 980 okay and then we already calculate the federal income tax withheld what we calculated as 1508 okay so I'm going to come here my federal income tax is 1508 okay now for Social Security the 401k deduction is not going to affect that okay so Social Security all of your wages are taxable for that okay even the ones that are deducted for your retirement plans so let's figure out how much is taxable for that so in that case we've got 415 times 52.

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