What is R W2?

What is R W2?

W2-R ANNUAL RECONCILIATION Earned Income Tax Withheld from Wages. Page 1. As reported on Employer’s Quarterly Return (Form E-1); with income tax withheld as shown on Withholding Statements (W-2)

What is the difference between box 1 and box 5 on W-2?

Box 1 reports your total taxable wages or salary for federal income tax purposes. The number includes your wages, salary, tips you reported, bonuses and other taxable compensation. Box 5 reports the amount of wages subject to the Medicare Tax.

What happens if I don’t file local taxes?

The penalty for not filing taxes (also known as the failure-to-file penalty, or the late-filing penalty) usually is 5% of the tax you owe for each month or part of a month your return is late. The maximum failure to file penalty is 25%. It is 0.5% of your unpaid taxes for each month your outstanding taxes are unpaid.