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Payroll Today

Here’s help with your W-2s

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Alice Gilman

by on
in Payroll Today

Back in the day, completing employees’ W-2s was easy. Cafeteria plans hadn’t yet been invented, employers picked up 100% of employees’ health insurance premiums and employees got a defined benefit pension.

OK, now reality. The work environment has become much more complicated, which means that W-2s are complicated, too. To help you along with your W-2 travails, we’ve created what we think is a pretty typical scenario and completed a W-2.

Taxpayer Emma

Emma is divorced, 42 years old and is paid biweekly. She claims two withholding allowances on her W-4. Emma and her ex have no kids. Last year, she was paid $85,000, plus a $15,000 bonus.

She deferred 3% of her regular salary ($2,550) into her 401(k) account, which her employer, Computer Consultancy, Inc., matched 100%.

She contributed $3,500, pretax, toward her major medical health insurance; Computer Consultancy paid the rest ($7,350).

She deferred $500, also on ...(register to read more)

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