Explanation Of 2016 Wage And Tax Statement (Irs Form W-2)

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Explanation of 2016 Wage and Tax Statement (IRS Form W-2)
Overview
The Internal Revenue Service (IRS) “Form W-2, Wage and Tax Statement” reports to
the IRS the total taxable wages and other compensation the General Services
Administration (GSA), Payroll Services Branch (PSB), paid to you on behalf of your
employing agency during the tax year 2016. The payroll time period covered for the
2016 tax year began on December 27, 2015, and ended December 24, 2016.
The IRS Form W-2 is a standardized form, which is required to be submitted with your
2016 federal, state and local tax returns. The parts of this form and their uses are:
● Copy B is to be filed with your federal tax return,
● Copy 2 is to be filed with your state or local tax return, and
● Copy C is to be kept for your records.
It is important to keep these forms in a safe place to avoid possible loss or destruction.
This information is merely intended to provide you with helpful information in dealing
with your individual tax situations. It is not the final authority by any means. Your final
authority in tax matters should always be the IRS, the state and local taxing authorities,
your tax consultant, or your financial advisor, as appropriate. We prepare these notices
using the best information available to us at the time of publication. We believe this
information is accurate and correct, but tax laws do change, and we do not want to be
your only source of information. You may want to give this notice to your tax preparer in
order to answer any questions that may arise regarding information on your IRS Form
W-2.
IRS Form W-2 Details
The form is divided into separate data boxes. These boxes are numbered and the
following is an explanation of each of those boxes:
Box a - Employee’s social security number
Box b - Employer identification number (EIN)
Box c - Employer’s name, address and zip code
Box d - Control number
Box e and f - Employee’s name and address
Box 1 - This is your total wages and other compensation for federal tax purposes. The
following items are included in total wages and other compensation:
● Any fringe benefits earned, such as the use of parking benefits due to
the use of a government-provided vehicle,
● Taxable moving allowance or relocation income tax payments,
● Student loan repayments made by the employer on behalf of the
employee,
● Thrift Savings Plan (TSP) prior year refunds,
● Roth TSP contributions,
● Awards,

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