- 5 -
Enlarge image
|
Notice to Employee this amount on the wages line of your tax return. (Form 1040-SS filers, see the
instructions for Form 1040-SS, Part I, line 6.) By filing this form, your social
Do you have to file? Refer to the Form 1040 instructions to determine if you are security tips will be credited to your social security record (used to figure your
required to file a tax return. Even if you don’t have to file a tax return, you may be benefits).
eligible for a refund if box 2 shows an amount or if you are eligible for any credit. (See also the Instructions for Employee on this page and the back of Copy C.)
Copies B and C; corrections. File Copy B of this form with your 2022 Guam
income tax return. Keep Copy C for your records. If your name, social security
number (SSN), or address is incorrect, correct Copies B and C and ask your Instructions for Employee
employer to correct your employment record. Be sure to ask your employer to file
Form W-2c, Corrected Wage and Tax Statement, with the Social Security (See also Notice to Employee on this page.)
Administration (SSA) to correct any name, amount, or SSN error reported to the Box 5. You may be required to report this amount on Form 8959, Additional
SSA. Be sure to get your copies of Form W-2c from your employer for all Medicare Tax. See the Form 1040 instructions to determine if you are required to
corrections made so you may file them with your tax return. complete Form 8959.
Estimated tax. If you expect to owe $1,000 or more in tax for 2023, you may have Box 6. This amount includes the 1.45% Medicare Tax withheld on all Medicare
to make estimated tax payments to your local territory tax department. You may wages and tips shown in box 5, as well as the 0.9% Additional Medicare Tax on
also have to make estimated tax payments to the U.S. Internal Revenue Service if any of those Medicare wages and tips above $200,000.
you are subject to self-employment taxes. See Pub. 570, Tax Guide for Individuals Box 11.This amount is (a) reported in box 1 if it is a distribution made to you from
With Income From U.S. Possessions, for additional information. a nonqualified deferred compensation or nongovernmental section 457(b) plan, or
Employee’s social security number (SSN). For your protection, this form may (b) included in box 3 and/or box 5 if it is a prior year deferral under a nonqualified or
show only the last four digits of your SSN. However, your employer has reported section 457(b) plan that became taxable for social security and Medicare taxes this
your complete SSN to the Guam Department of Revenue and Taxation and the year because there is no longer a substantial risk of forfeiture of your right to the
SSA. deferred amount. This box shouldn’t be used if you had a deferral and a distribution
Clergy and religious workers. If you aren’t subject to social security and in the same calendar year. If you made a deferral and received a distribution in the
Medicare taxes, see Pub. 517, Social Security and Other Information for Members same calendar year, and you are or will be age 62 by the end of the calendar year,
of the Clergy and Religious Workers. your employer should file Form SSA-131, Employer Report of Special Wage
Payments, with the Social Security Administration and give you a copy.
Cost of employer-sponsored health coverage (if such cost is provided by the
employer). The reporting in box 12, using code DD, of the cost of employer- Box 12. The following list explains the codes shown in box 12. You may need this
sponsored health coverage is for your information only.The amount reported information to complete your tax return. Elective deferrals (codes D, E, F, and S)
with code DD is not taxable. and designated Roth contributions (codes AA, BB, and EE) under all plans are
generally limited to a total of $20,500 ($14,000 if you have only SIMPLE plans;
Credit for Guam income tax withheld. If you had local territory income tax $23,500 for section 403(b) plans if you qualify for the 15-year rule explained in
withheld, you are allowed an income tax credit on your income tax return for that Pub. 571). Deferrals under code G are limited to $20,500. Deferrals under code H
amount. are limited to $7,000.
Credit for excess social security tax. If you had more than one employer in 2022 However, if you were at least age 50 in 2022, your employer may have allowed
and more than $9,114 in social security tax was withheld, you can have the excess an additional deferral of up to $6,500 ($3,000 for section 401(k)(11) and 408(p)
refunded by filing Form 843, Claim for Refund and Request for Abatement, with SIMPLE plans). This additional deferral amount is not subject to the overall limit on
the Department of the Treasury, Internal Revenue Service Center, Austin, TX elective deferrals. For code G, the limit on elective deferrals may be higher for the
73301-0215, USA. However, if you are required to file Form 1040 or 1040-SR with last 3 years before you reach retirement age. Contact your plan administrator for
the United States, you must claim the excess tax as a credit on Form 1040 or more information. Amounts in excess of the overall elective deferral limit must be
1040-SR. included in income. See the “Wages, Salaries, Tips, etc.” line instructions for your
Unreported tip income. You must file Form 4137, Social Security and Medicare tax return.
Tax on Unreported Tip Income, with your income tax return to figure the social (continued on back of Copy C)
security and Medicare tax owed on tips you didn’t report to your employer. Enter
|
