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Course: Financial Literacy > Unit 10

Lesson 2: Tax forms
Life skills
Financial Literacy
Taxes and tax forms
Tax forms
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W-2 form

Google Classroom

Problem

Below is information from boxes 1-6 on your W-2 form.
W-2 form
1 Wages, tips, other compensation: $48,0002 Federal income tax withheld: $5,760
3 Social security wages: $50,0004 Social security tax withheld: $3,100
5 Medicare wages and tips: $50,0006 Medicare tax withheld: $725
What could be a reason why the amount of wages in box 1 is $2,000 less than the amount of wages in box 3?
Choose 1 answer: