Descriptions and Sources of Form W-2 Box Information

IRS Form W-2 is aFederal tax return filed by an employee annually to report the total Federal,FICA, State taxes and Contributions withheld within a calendar year. Below areeach W-2 box's description and the source where NetSuite pulls up the information:

Box	Description	Source	Note:
1	Total taxable earnings for the year	Federal Withholding- Taxable Wage Base
2	Total Federal Withholding	Federal Withholding- Amount
3	Total Earnings subject to Social Security	Social Security Employee- Taxed Wage Base
4	Total Social Security Withheld	Social Security Employee- Amount
5	Total Earnings subject to Medicare	Medicare Employee- Taxed Wages
6	Total Medicare Withheld	Medicare Employee- Amount
7	Total Tips directly received by employees	Earnings with a pay code of "Tips"
8	Total Tips Paid by the Employer	Earnings with a pay code of "Tips Paid by Employer"	The wage amount is not included in Boxes 1, 3, 5 and 7.
9	Advance EIC Payment	Do not Enter any amount
10	Dependent Care benefits	Deductions with pay code of "Cafeteria Contrib. - FSA Dependent Care"
11	Non-Qualified plans	Portion of amount reported in box 1 or 3 and/or 5 earned In a prior year
12	Codes	See Help Guide for the list of qualified deductions/ Earning codes
13	Check boxes	Manually checked based on employee's eligibility
14	Others	See Help Guide for the list of qualified deductions/ Earning codes
15	State subject for withholding and Account number	Employee's Jurisdiction for the state and Company's Jurisdictions for the Account number	If an employee works in two states, both should be reported in this box. If more than two states, prepare a second W2 form
16	Total Earnings subject to State Withholding	State Withholding(s)- Taxable Wage Base	If multiple states, the total depends on Home and Workplace setup, Home and Workplace movement, and state requirements.
17	Total State Withholding	State Withholding- Amount
18	Total Earnings subject to Locale taxes	Local/County tax- Taxed Wage Base
19	Total Local/County taxes	Local/County tax- Amount
20	Locality name	Employee Jurisdiction

 

 

For more currentinformation, please see the official website of the Internal Revenue Service(IRS)

https://www.irs.gov/pub/irs-pdf/iw2w3.pdf

 

OtherReferences:

1.      Employee Management > Payroll > NetSuite Payroll > Getting Started with NetSuite Payroll > Using Standard Pay Codes > Using DeductionCodes

2.      Employee Management > Payroll > NetSuite Payroll > Getting Started with NetSuite Payroll > Using Standard Pay Codes > Using EarningCodes

 

 

Disclaimer: To ensure compliance with requirementsimposed by the IRS under Circular 230, NetSuite informs you that any U.S.federal tax advice contained in this communication (including any attachments),unless otherwise specifically stated, was not intended or written to be used,and cannot be used, for the purpose of (1) avoiding penalties under theInternal Revenue Code or (2) promoting, marketing or recommending to anotherparty any matters addressed herein. 

These materials do not constitute tax,legal, or accounting advice and neither NetSuite, nor its agents, employees, orrepresentatives are in the business of offering such advice.  Please consult your tax, legal, andaccounting advisors for tax, legal, or accounting advice.