Understanding Your W-2 and Verifying Employee Details in GoCo

Your W-2 form is a key document that summarizes your earnings and tax information for the year, making it essential to ensure its accuracy. This article will guide you through understanding the W-2 and verifying that your details in GoCo are correct.

✅ How to Verify Your Employee Details in GoCo

To ensure the information on your W-2 is accurate, it’s important to verify your details in GoCo before the end of the year, including your name, Social Security number, address, and tax withholdings.

Steps to Verify Employee Details in GoCo:

1. Log into GoCo
   • Go to the GoCo platform and log in with your employee credentials.
2. Navigate to Your Profile
   • Your "My Profile" page is your main GoCo hub! If you need help navigating "My Profile" check out How do I view and edit information in my GoCo Profile?
3. Review Personal Information
   • Verify all your personal details including your personal and contact details, but it is imperative to review your name and social security number, as these must match IRS Records. 

4. Verify Tax Withholdings

   • Go to the Tax Withholding section to review your federal and state withholding selections.
   • Confirm that your withholding allowances and exemptions match your most recent W-4 submissions

ℹ️ What Is a W-2 Form?

A W-2 form is an annual tax form provided by your employer that shows:

• Total Wages Earned: Your gross income for the year.
• Tax Withheld: Federal, state, local, Social Security, and Medicare taxes withheld.
• Other Deductions: Contributions to retirement plans, healthcare, and other benefits.

Each year, your employer sends a copy of your W-2 to the IRS, state tax authorities, and you. You’ll use this form when filing your taxes to report your income and taxes paid.

🔎 Understanding Your W-2: Key Sections to Review

Here’s a breakdown of the important sections on your W-2:

➡️ Box A: Employee Social Security Number 

This should be your social security number and should match the social security card provided during your onboarding. 

➡️ Box B-D: Employer Details 

This will be completed with details about your employer. Sometimes company legal names may vary from the company’s DBA (Doing Business As) If you receive a W2 and believe the wages reported were not earned by you, contact the employer immediately. 

➡️ Box E: Employee’s Personal Details

This should be your legal name that matches your Social Security number and have current mailing address. 

➡️ Box 1: Wages, Tips, Other Compensation

Reflects your total taxable income, excluding pre-tax deductions such as health insurance and 401(k) contributions.

➡️ Box 2: Federal Income Tax Withheld

Shows the total federal tax withheld from your paycheck throughout the year.

➡️ Boxes 3-6: Social Security and Medicare Wages and Taxes

Box 3: Wages subject to Social Security tax (all taxable wages, minus pre-tax contributions with the exception of retirement deductions).

Box 4: Social Security tax withheld.

Box 5: Wages subject to Medicare tax (all taxable wages, minus pre-tax contributions with the exception of retirement deductions).

Box 6: Medicare tax withheld.

➡️ Box 12: Additional Details on Benefits and Deductions

Various types of compensation or deductions (e.g., 401(k) contributions, non-taxable benefits) are reported here with specific codes. Here is a reference guide for Box 12 Codes 

➡️ Box 14: Other

Additional information your employer wants to provide, like union dues or other deductions.

➡️ Boxes 15-20: State and Local Income Tax Information

If you have state or local taxes withheld, they’ll be reported here. If you are missing a state or you see state wages reported for a state you have never lived or worked in, contact your HR or Payroll Team immediately. 

❗What to Do if You Find an Error

If you find any discrepancies between your GoCo profile and your W-2, or if any details are incorrect:

• Contact HR or Payroll: Report the error to your HR or payroll department. They can correct your profile or reissue an updated W-2 through a W2-C. Just know that some corrections do not require a W2-C and some do. 
• Check Your W-4 Information: If tax withholding information is incorrect, you may need to update your W-4 form in GoCo.

Explore our Crash Course for a comprehensive overview of the topics discussed above. 

✳️ Additional Resources

IRS Guide to Understanding Your W-2: https://www.irs.gov/forms-pubs/about-form-w-2

GoCo Support Articles: Visit GoCo’s help center for more information on using the platform and verifying your employee details.

For any additional questions, please reach out to us at support@goco.io 💚