Guide to Employee Tax Filing for 2022

School: Claremont McKenna College - Course: ACC TAXATION - Subject: Accounting

Kelly Services Global, LLC 999 West Big Beaver Rd. STE 401A Troy MI 48084 PHC07M03J00282 SAMIRA WILLIAMS 208 CHARLES AVE APT 2 SYRACUSE NY 13209 Notice to EmployeeDo you have to file?Refer to the Form 1040 instructions todetermine if you are required to file a tax return. Even if youdon't have to file a tax return, you may be eligible for a refund ifbox 2 shows an amount or if you are eligible for any credit.Earned income credit (EIC).You may be able to take the EICfor 2022 if your adjusted gross income (AGI) is less than acertain amount. The amount of the credit is based on incomeand family size. Workers without children could qualify for a smaller credit. You and any qualifying children must have validsocial security numbers (SSNs). You can't take the EIC if your investment income is more than the specified amount for 2022or if income is earned for services provided while you were aninmate at a penal institution. For 2022 income limits and moreinformation, visit www.irs.gov/EITC. See also Pub. 596, Earned Income Credit.Any EIC that is more than your tax liability isrefunded to you, but only if you file a tax return. Employee'ssocialsecuritynumber(SSN).Foryourprotection, this form may show only the last four digits of your SSN. However, your employer has reported your completeSSN to the IRS and Social Security Administration (SSA) Clergy and religious workers.If you aren't subject to socialsecurity and Medicare taxes, see Pub. 517, Social Security andOtherInformationforMembersoftheClergyand Religious Workers. Corrections.If your name, SSN, or address is incorrect, correct Copies B, C, and 2 and ask your employer to correct your employment record. Be sure to ask the employer to file Form W-2c, Corrected Wage and Tax Statement, with the SSA to correct any name, SSN, or money amount error reported to the SSA on Form W-2. Be sure to get your copies of Form W-2c from your employer for all corrections made so you may file them with your tax return. If your name and SSN are correct but aren't the same as shown on your social security card, you should ask for a new card that displays your correct name at any SSA office or by calling 800-772-1213.YoumayalsovisittheSSAwebsiteat www.SSA.gov. Cost of employer-sponsored health coverage (if such cost is provided by the employer).The reporting in box 12, using code DD, of the cost of employer-sponsored health coverage is for your information only.The amount reported with code DD is not taxable. Credit for excess taxes.If you had more than one employer in 2022 and more than $9,114 in social security and/or Tier 1 railroad retirement (RRTA) taxes were withheld, you may be able to claim a credit for the excess against your federal income tax. See the Form 1040 instructions. If you had more than one railroad employer and more than $5,350.80 in Tier 2 RRTA tax was withheld, you may be able to claim a refund on Form 843. See the Instructions for Form 843. Instructions for EmployeeBox 1.Enterthis amountonthe wages line of yourtaxreturn.Box 2.Enterthis amountonthe federalincome taxwithheld line of yourtaxreturn.Box 5.Youmaybe required to reportthis amountonForm 8959,AdditionalMedicare Tax.Seethe Form 1040 instructions to determine if youare required to complete Form 8959.Box 6.This amountincludes the 1.45% Medicare Taxwithheld onallMedicare wages and tipsshowninbox5,as wellas the 0.9% AdditionalMedicare Taxonanyof those Medicare wagesand tips above $200,000.Box 8.This amountis notincluded inbox1,3,5,or7.Forinformationonhowto reporttips onyourtaxreturn,see the Form 1040 instructions.Youmustfile Form 4137,SocialSecurityand Medicare TaxonUnreported TipIncome,withyourincome taxreturnto reportatleastthe allocated tip amountunless youcanprove withadequate records thatyoureceived asmalleramount.If youhave records thatshowthe actualamountof tips youreceived,reportthatamountevenif itis more orless thantheallocated tips.Use Form 4137 to figure the socialsecurityand Medicare taxowed ontips youdidn'treportto youremployer.Enterthis amountonthe wages line of yourtaxreturn.ByfilingForm 4137,yoursocialsecuritytips willbe credited to yoursocialsecurityrecord (used to figureyourbenefits).Box 10.This amountincludes the totaldependentcare benefits thatyouremployerpaid to youorincurred onyourbehalf (including amounts from asection125 (cafeteria)plan).Anyamountoveryouremployer's planlimitis also included inbox1.See Form 2441.Box 11.This amountis (a)reported inbox1 if itis adistributionmade to youfrom anonqualifieddeferred compensationornongovernmentalsection457(b)plan,or(b)included inbox3 and/orbox5 if itis aprioryeardeferralunderanonqualified orsection457(b)planthatbecame taxableforsocialsecurityand Medicare taxes this yearbecause there is no longerasubstantialriskofforfeiture of yourrightto the deferred amount.This boxshouldn'tbe used if youhad adeferralanda distributioninthe same calendaryear.If youmade adeferraland received adistributioninthesame calendaryear,and youare orwillbe age 62 bythe end of the calendaryear,youremployershould file Form SSA-131,EmployerReportof SpecialWage Payments,withthe SocialSecurityAdministrationand give youacopy.Box 12.The following listexplains the codes showninbox12.Youmayneed this informationtocomplete yourtaxreturn.Elective deferrals (codes D,E,F,and S)and designated Rothcontributions (codes AA,BB,and EE)underallplans are generallylimited to atotalof $20,500($14,000 if youonlyhave SIMPLE plans;$23,500 forsection403(b)plans if youqualifyforthe15-yearrule explained inPub.571).Deferrals undercode G are limited to $20,500.Deferralsundercode Hare limited to $7,000

Expert's Answer

Your future, our responsibilty submit your task on time.

Order Now

Need Urgent Academic Assistance?

Price Starts from $10 Per Page

*
*
*
*

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.