{"id":256,"date":"2008-12-21T15:32:56","date_gmt":"2008-12-21T19:32:56","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=256"},"modified":"2008-12-21T15:32:56","modified_gmt":"2008-12-21T19:32:56","slug":"2008-form-w-2-tips-part-2-box-1-wages-tips-other-compensation","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2008\/12\/2008-form-w-2-tips-part-2-box-1-wages-tips-other-compensation\/","title":{"rendered":"2008 Form W-2 Tips, Part 2, Box 1 Wages, Tips, Other Compensation"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"margin: 0in 0in 6pt;\"><span style=\"font-size: 10pt; font-family: Verdana;\">This is one in a continuing series on the 2008 <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw2.pdf\" target=\"_blank\">Form W-2, Wage and Tax Statement<\/a>, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet that deadline may file a request for extension of time to furnish the forms. Today we review Box 1, wages, tips, other compensation.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 6pt;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Box<\/span><span style=\"font-size: 10pt; font-family: Verdana;\"> 1<\/span><span style=\"font-size: 10pt; font-family: Verdana;\"> shows the amount employees must enter on line 7 of <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/f1040.pdf\" target=\"_blank\">Form 1040, US Individual Income Tax Return<\/a>. It may be, but is not necessarily, equal to gross wages. Common adjustments that increase or decrease gross wages include the following:<\/span><\/p>\n<ul style=\"margin-top: 0in;\" type=\"disc\">\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Employee elective deferral to qualified retirement plans such as <a href=\"http:\/\/www.law.cornell.edu\/uscode\/html\/uscode26\/usc_sec_26_00000401----000-.html\" target=\"_blank\">\u00a7401(k)<\/a> plans, SIMPLE plans, and <a href=\"http:\/\/www.law.cornell.edu\/uscode\/html\/uscode26\/usc_sec_26_00000403----000-.html\" target=\"_blank\">\u00a7403(b)<\/a> plans (decrease).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Amounts withheld for non-taxable benefits elected under <a href=\"http:\/\/www.law.cornell.edu\/uscode\/html\/uscode26\/usc_sec_26_00000125----000-.html\" target=\"_blank\">\u00a7125<\/a> plans (decrease).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Taxable non-cash fringe benefits, such as personal use of company automobile (increase).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Certain clergy housing allowances (decrease).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Reported tips (increase).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Expense reimbursements paid under a non-accountable plan (increase).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Accident and health insurance premiums for so-called 2% S corporation shareholders (increase).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"margin: 0in 0in 6pt; mso-list: l0 level1 lfo1; tab-stops: list .5in;\"><span style=\"font-size: 10pt; font-family: Verdana;\">Cost of group-term life insurance in excess of $50,000 (increase).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt; font-family: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">The next topic in this continuing series will be Box 2, federal income tax withheld. Contact <a href=\"mailto:info@visionpayroll.com\" target=\"_blank\">Vision Payroll<\/a> with any questions on <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw2.pdf\" target=\"_blank\">2008 Form W-2<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is one in a continuing series on the 2008 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet that deadline may file a request for extension of time [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[373,565,10,423,634,637,553,224,638,636,99,635,175],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/256"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=256"}],"version-history":[{"count":1,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/256\/revisions"}],"predecessor-version":[{"id":2296,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/256\/revisions\/2296"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}