Tip Reporting on Tax Form W-2 Short

How to read, understand and enter tax form w-2 into Tax Software, such as TurboTax, TaxSlayer, TaxFreeUSA, with typical W-2 form items.

Box 7 on the W-2 form reports the tips you directly reported to your employer, which are included in Box 1 as part of your taxable income. In contrast, Box 8 shows allocated tips, which are tips your employer attributed to you but are not included in Box 1; however, you must report them as income on your tax return.

Step-by-Step Video:
https://youtu.be/AAxgQ1yp1q8

Step-by-Step Article:
https://taxguide101.akistepinska.com/tax-form-w-2/
Sources:

Social Security and Medicare withholding rates:
https://www.irs.gov/taxtopics/tc751
https://www.investopedia.com/terms/m/medicarewages.asp

Tax Form W-2 Instructions:
https://www.irs.gov/pub/irs-pdf/iw2w3.pdf

IRS instructions for W-2 are at https://www.irs.gov/pub/irs-pdf/iw2w3.pdf

——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.

The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.

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Видео Tip Reporting on Tax Form W-2 Short канала Tax, Life & Finances