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Puerto rico w2 instructions 2023 Form: What You Should Know

First and last will each provide instructions for preparing and filing the form with you. The forms can be uploaded to TurboT ax or completed electronically. Puerto Rico Forms 500 and 591 July 31, 2023 β€” Puerto Rico becomes a U.S. territory July 6, 2023 β€” Final rules change to eliminate all federal Puerto Rico withholding tax and include federal FTA tax withholding on all federal Puerto Rico wages and salaries. This will not change forms 501, 515, and 905. Puerto Rico Forms 501, 515, & 905 July 31, 2023 β€” Final rules change to eliminate all federal Puerto Rico withholding tax and include federal FTA tax withholding on all federal Puerto Rico wages and salaries. This will not change forms 501, 515, and 905. Taxes on Wages & Salaries by Puerto Rico β€” FICA and FTA withholding on incomes and wages β€” FICA only β€” FTA must be paid. β€” Puerto Rico can withhold FICA withholding on wages paid to Puerto Rico residents who are not citizens of the United States.

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FAQ - Puerto rico w2 instructions 2023

How do you fill out Box 12?
In each box 12 line, select the capital letter code from the drop-down list and enter the corresponding amount....In this fictitious (and somewhat unrealistic) example, the W-2 shows these box 12 amounts. $5,000 in box 12a with code D. $5,000 in box 12b with code DD. $5,000 in box 12c with code W. Box 12d is blank.
What are the instructions for Box 12 on W-2?
The W-2 box 12 codes are. A 13 Uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips B 13 Uncollected Medicare tax on tips C 13 Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5); Taxable costs are information only.
Do Puerto Rico employees get a W 2?
Form 499-R-1C (Adjustments to Income Tax Withheld Worksheet) Form 499R2/W2PR (Withholding Statement) - This withholding statement is the Puerto Rico equivalent of the U.S. Form W2 and should be prepared for every employee. The form comes in five copies.
What do Box 12 codes mean on W-2?
Your W-2 has four Box 12 lines, labeled 12a, 12b, 12c, and 12d. These lower-case letters are just line labels and have no meaning.
Are Puerto Rico residents exempt from federal taxes?
Puerto Rico holds a unique position as an unincorporated U.S. territory. Under Internal Revenue Code (IRC) Β§933, Puerto Rico source income is excluded from U.S. federal tax.
What does see instructions for Box 12 mean?
Box 12 Code Description. A. Uncollected Social Security or RRTA tax on tips. B. Uncollected Medicare tax on tips.
Does Puerto Rico have payroll taxes?
Residents of Puerto Rico are required to pay most types of federal taxes. Specifically, residents of Puerto Rico pay customs taxes, Federal commodity taxes, and all payroll taxes (also known as FICA taxes, which include (a) Social Security, (b) Medicare, and Unemployment taxes).
Does Puerto Rico have a W-2?
Filing deadline The deadline to file the 2023 Form 499R-2/W-2PR with the Puerto Rico Treasury Department is January 31, 2023. A 30-day extension is available by filing Form AS 2727, Request for Extension of Time to File the Withholding Statement and Reconciliation Statement of Income Tax Withheld, through SURI.
What are the codes for Box 14 on W-2?
Box 14 14 Employers can use W-2 box 14 to report information like. A member of the clergy's parsonage allowance and utilities. Any charitable contribution made through payroll deductions. Educational assistance payments. Health insurance premium deductions. Nontaxable income. State disability insurance taxes withheld.
Is there a payroll tax in Puerto Rico?
The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
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