| If you have been an employee during 2013, by the end of January 2014, you should have received a Form W-2. This is a complex form that supposedly contains 25Â alpha and numeric information boxes regarding various dollar facts about your wages, withholdings, social security, and other data. |
| However, for Box 12: Deferred Compensation and Other Compensation there are up to 24 alpha subboxes for the numerical Box 12. These boxes contain information about social and medicare taxes on tips, group term life insurance, non-taxable salary deferrals, non-taxable sick pay, non-taxable reimbursements for employee moving expenses, non-taxable combat pay, employer contributions to health insurance costs, and so on. |
| For an employer the preparation and issuance of Forms W-2 is not an easy process, and many of the data contained in the detail boxes will be reported on the employee’s Federal Income Tax return, Form 1040.
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