An incorrect W2 can create serious problems for you. You may think that it is your employer's problem but think again. If you have received an incorrect W2, there are actions that you must take to resolve the situation.
What Is a W2?
Any employer that pays an employee more than $600 must provide a W2 for each employee. A W2 includes the following information.
Income – including wages, bonuses, and noncash payments
Taxes – including social ...
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W2 Scams and How to Avoid Them
The IRS and FBI have been warning business owners about W2 scams for years. Most of these scams come in the form of suspicious emails or phone calls. Learn about the most common W2 phishing and W2 fraud scams and how to avoid them in the following article. Don’t let fraudsters get the best of your business.
Phone Scams – How Common are They?
Phone scams are the most common during the tax season. Typically the fraudster will pose as an IRS agent ...
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Understanding FICA, Medicare, and Social Security Tax
Do you ever wonder where exactly the money that is deducted from your gross pay goes? It can seem like a huge chunk when your gross pay and net pay are $100 or more off. So where is this money that is being taken from your paycheck really going? Read on to understand the basics of FICA, Medicare, and Social Security tax.
FICA Tax
FICA is an acronym for Federal Insurance Contributions Act. This act was introduced in 1930 to cover Social Security. ...
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