The IRS recently published the 2017 version of Form W-2GU, the Guam Wage and Tax Statement. This form is used to report Guam wages, and should not be used to report wages subject to U.S. income tax withholding.
While the form itself remains the same, there are minor changes made to the instructions attached to the form. These changes are as follows.
- Under “Notice to Employee – Credit for Excess Social Security Tax”, the maximum social security tax withheld by an employer was raised to $7,886.40 for 2017 (up from $7,347 in 2016). Note that any excess withheld can be redeemed as a refund by filing Form 843.
- Under “Instructions for Employee”, Code FF was added. Code FF is defined as “Permitted benefits under a qualified small employer health reimbursement arrangement”.
To review this form in its entirety, you can visit the IRS site by clicking here.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa