Find out how your tax dollars are allocated, and learn about available programs and credits.
W-2 Wage and Tax Statement
Learn how to decipher your W-2 Wage and Tax Statement, and find answers to a variety of question related to withholding.
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Download the W-2 Quick Reference Guide (PDF)
Withholding
Every employee is required to complete two Employee's Withholding Allowance Certificates, one for the federal government and one for state and local governments. The marital status and number of allowances you claim on these certificates determines the amount of taxes that are withheld from your pay.
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Advanced Earned Income Credit
Earned Income Credit (EIC) is a credit for certain workers. If you expect your income to be lower than $35,463 ($38,583 if you expect to file a joint return) in 2009 and you have at least one qualifying child, you may be eligible to receive federal advance EIC payments.
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Social Security
Most employees and employers each pay up to 7.65% of covered wages for social security and Medicare taxes. Together these taxes comprise FICA, which stands for the Federal Insurance Contributions Act.
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