S125, an S125 notation appears in Box 14 of your W-2 form, the box reserved for miscellaneous information.
Knowing what specific codes mean on your W-2 will prevent you from entering unnecessary information on your income tax return.
The key to these codes can be found on the back of the W-2 and includes such contributions as: employer paid adoption mickey mouse's birthday party song benefits, employer contributions to a health savings account, nontaxable combat pay and nontaxable reimbursements for employee moving expenses just to name a few.
Features, a W-2 form is a statement your employer is required to prepare for you each year.Back to form The code or name of the locality that corresponds to the income and taxation reported in boxes 18 and.S125 stands for Section 125 of the Internal Revenue Code, the section of the tax rules that apply to certain employee benefits.Enter the dollar amount and select the correct tax category that goes with that description.However, what is printed in Box 14 of your W-2 may not match TaxSlayer's description on the list.Tip allocation means that the employees tips must be at least 8 percent of the businesses gross receipts during the payroll period and Box 8 makes certain that the employee tips meet these requirements.Back to form, the box contains the total wages, including tips and commissions that are epic mickey 2 keygen pc taxed for Medicare.Back to form, this shows the total Social Security tax withheld from your paychecks for the year.These plans do not include contributions by the employer although the employer does maintain the responsibility of deferring paycheck contributions to a fund established by the employee.Many states require individuals to pay school district, county and municipal taxes.You shouldn't need to do anything with the amount shown in Box 14 of your W-2 for S125, but you can verify the amount shown by checking your own records.If you have not reported tips or additional income to your employer then this box will appear blank or have a zero amount.Wages and tips subject to Medicare tax are the same as those that are eligible for Social Security taxation.The total amount is what should be entered into Box.
If you never filed a W-4 the default is single and zero, regardless of your actual status.
For example, you put pre-tax money into a flexible spending account and use the money in the account to pay for medical expenses allowed under the IRS rules.