Stay on Track for Tax Season with These Five W-2 Tips from PayrollOrg
SAN ANTONIO, Jan. 31, 2025 /PRNewswire/ -- The 2024 Form W-2, Wage and Tax Statement, must be provided to employees by January 31, 2025. Instead of simply filing it away, it is crucial for employees to understand and review key aspects of their Form W-2 to ensure accurate filing. PayrollOrg (PAYO) highlights five key things you need to know about your Form W-2 as tax season approaches.
- Box 1 will differ from your final 2024 paystub year-to-date gross pay if you participated in a 401(k) or other employer-sponsored savings plan.
- The Box 3 total should not exceed $168,600 – the 2024 social security wage base.
- Boxes 1, 3, and 5 will be different from your 2024 year-to-date gross pay if you used pre-tax dollars to pay for insurance premiums, transit benefits, or contributions to flexible spending accounts.
If you have any questions regarding your Form W-2, contact your payroll department. For more information, visit PAYO online at www.payroll.org.
View original content to download multimedia:https://www.prnewswire.com/news-releases/stay-on-track-for-tax-season-with-these-five-w-2-tips-from-payrollorg-302364644.html
SOURCE PayrollOrg