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G
Greta
Level 7
December 13, 2022
Solved

How to prepare W-2 for employee for whom employer contributed SEP money

  • December 13, 2022
  • 2 replies
  • 9 views

Employer contributed 3% (=$900) for employee who earned 30K. Employee contributed nothing. Is his wage 30K? Medicare wage 30K? What does Box 12 say?

This topic has been closed for replies.
Best answer by sjrcpa

All wages $30K. Check the retirement plan box. The end.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 13, 2022

All wages $30K. Check the retirement plan box. The end.

The more I know the more I don’t know.
    dascpa
    dascpa
    Level 11
    December 14, 2022

    Just so you know, participants in Salary Reduction Simplified Employee Pension (SARSEP) plans established before 1997 were entitled to make elective salary deferral contributions.  Now it's only an employer-contributed plan.

    G
    GretaAuthor
    Level 7
    December 14, 2022

    I didn't know that. You mean SEP-IRA plans, code S in Box 12? Employees are no longer eligible to reduce taxable wage in Box 1 if they also contribute unless it's a pre-1997 established plan?

    dascpa
    dascpa
    Level 11
    December 14, 2022

    Code S is for a SIMPLE-IRA, not a SEP.

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