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Form W-2 online PA: What You Should Know
The order and postage are the same as paper W-2, and it takes five days to process. Other Information For more information call 1-800-TAXFORM () and request the W-2 form. What are the rules for remitting the state and federal taxes? Receiving W-2 is the basic requirement to pay your federal taxes. There is no other way to pay federal taxes. If you received W-2, you may do two things: 1. Take a deduction for the withholding on the W-2. It is not a good tax shelter and will be taxed as normal. 2. Add it to your gross income on your pay stub. The IRS issued instructions for what to do with the W-2, but you still need a paper Form 1040. What is the federal withholding for each of the 10 exemptions? 10 Exemptions Amount of Tax 1. Railroad Retirement 2. Federal Employees 4. Exemptions for State and Local Government Officials and Employees 5. State Tax on Dividends 6. Child Tax Credit (for dependent child) 7. Earned Income Tax Credit 8. State Teachers Retirement System 1. Railroad Retirement Most Railroad Retirement benefits are tax-free. To calculate the amount of Federal tax you can deduct under the Railroad Retirement, click on 10 Exemptions in Table 1. If you are a teacher you can use the table in 10 Exemptions to determine if you owe the taxes. For any other deduction, if you are married filing a joint return, you may take the deduction. If either of you can determine how much you can deduct, take the amount you can subtract from the total deduction, and you will make the deduction. Federal withholding for a Railroad Retirement is based on gross income. The gross income means the total income and deductions of all the participants participating in the Railroad Retirement plan, including both employee and former employee pensions and retirement benefits. Example: For a married couple with 1/2 of the couple's gross income: 1. One spouse has the total income of 10,000. The other spouse has total tax deductions of 2,500. The gross income in this scenario equals 12,500. The first 4,500 is paid by the employer from the participants' accounts, but will be tax-free as wages and taxable to the employees. 2.
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