Hello,
It says on my W-2 that I received social security and medicare wages but I do not know why I would receive these and I have not received this money nor am I on medicare. What does this mean?
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Hello,
It says on my W-2 that I received social security and medicare wages but I do not know why I would receive these and I have not received this money nor am I on medicare. What does this mean?
Your Social Security and Medicare wages are not actually separate wages. The amounts in box 2 and 4 are the parts of your wages that are eligible for Social Security and Medicare withholding. The amounts in box 4 and 6 are the amounts that is going into you Social Security and Medicare accounts. That money is then there for when you are eligible for them. In some jobs there are parts of your wages that are not eligible for for either Federal Withholding, for example. If you have a retirement plan at work some of your wages are not eligible for Federal Withholding but are eligible for Social Security and Medicare withholding. I hope this helped
I was more concerned with boxes 3 and 5 which says I have social security and medicare wages. I don't understand why boxes 3 and 5 would do so when I have received nothing... Is this separate from what you mentioned or is it the same thing?:confused:
Box 3 and 5 is most likely the same as in box 1. This is the total wages you made throughout the year. There are different percentages for how much is withheld for Federal, Social Security, and Medical. The bookkeeper inputs the proper amounts (incase there is retirement plans) in the proper boxes so that the correct amounts can be withheld.
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