IRS Form W-2, or a “Wage and Tax Statement” is a tax form that reports an employee’s earned income during the year, as well as any taxes that were withheld from your paycheck. Employers send W-2’s (electronically or via the mail) to employees in January. Employers are required use W-2 forms to report salary and wage information to the Social Security Administration.
In addition to your income and tax withholdings, W-2’s report information related to benefits and retirement contributions.
Box A : Employee’s Social Security Number – An employee’s social security number serves as the taxpayer identification number. Notify the Payroll Department if your social security number is incorrect.
Box B: Employer Identification Number (EIN) – The employer identification number is assigned by the Internal Revenue Service and is used to identify a business entity.
Box C: Employer’s Name, Address, and Zip Code – The employer’s information for tax reporting purposes.
Box D: Control Number – The control number is used by the employer to identify individual W-2 forms.
Box E: Employee’s First Name and Initial, Last Name, and Suffix – An employee’s legal name is required to be listed on the W-2 form. Immendiately notify the Payroll Department if your legal name does not appear on your W-2 form.
Box F: Employee’s Address and Zip Code – The employee’s permanent address is listed on the W-2 form.
Box 1: Wages, Tips, Other Compensation – An employee’s taxable earnings are reported on the W-2 form. Earnings included in box 1 include the following:
*****Taxable wages are reduced by contributions to deferred compensation and/or tax deferred annuity accounts, pension plans, and insurance benefits that are not subject to federal taxes. These amounts are shown in Boxes 12 and 14.****
Box 2: Federal Income Tax Withheld – Total amount of federal income taxes withheld from your pay during the year.
Box 3: Social Security Wages – Total wages paid that are subject to social security tax. The total should not exceed the maximum social security wage base for the tax year. Social security wages are reduced by pre-tax insurance deductions.
Box 4: Social Security Tax Withheld - The total amount withheld from your paycheck for Social Security taxes. The Social Security tax rate is 6.2%, and a matching amount of 6.2% is paid by Winthrop University. The only exceptions are Winthrop University students working at Winthrop University while enrolled at least half time and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1 or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.
Box 5: Medicare Wages and Tips - This represents income subject to Medicare tax. There is no maximum wage base for Medicare taxes. Medicare wages are reduced by pre-tax deductions such as health/dental/vision insurances, parking and flex spending but not reduced by your contributions to a retirement plan (403b or 457.) The only exceptions are Winthrop University students working at Winthrop University while enrolled in at least six credit hours and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1 or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.
Box 6: Medicare Tax Withheld - This amount represents the total amount withheld from your paycheck for Medicare taxes. The Medicare tax rate is 1.45%, and a matching amount of 1.45% is paid by Winthrop University. Once your wages and additional earnings, including non-cash earnings, exceed $200,000 annually, there is an additional .9% that the employee pays which makes a total of 2.35%. The only exceptions are Winthrop University students working at Winthrop University while enrolled in least six credit hours and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1 or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.
Boxes 7 and 8: Social Security Tips and Allocated Tips - This is not applicable to Winthrop University employees.
Box 9: Typically, this box is blank.
Box 10: Dependent Care Benefits - This amount represents an employee’s contributions reimbursed for dependent care expenses through a flexible spending account.
Box 11: Nonqualified Plans – The amount distributed to an employee from a nonqualified deferred compensation or nongovernmental section 457b plan. This is not applicable to Winthrop University employees.
Box 12:
Box 13. The “Retirement plan” block will be marked if you contributed to a 401(k), 403(b), Roth 401(k), and/or Roth 403(b) plans. 457 plans are not included. The box will also be marked if you contribute to the defined benefit plan (SCRS) or any of the Optional Retirement Plans.
Box 14. Other – This box is designated for additional tax information and various types of income, deductions, and compensation that employers need to be reported for tax purposes.
Box 15: State/Employer’s State ID Number – This box reports Winthrop University’s state and state identification number.
Box 16: State wages, tips, etc. – This amount represents the total of taxable wages that are subject to state income taxes.
Box 17: State Income tax – This amount represents the total of state income taxes withheld from your paycheck for the wages reported in Box 16.
Box 18, 19 and 20: Local Wages, Local Income Tax and Locality Name – These boxes apply to out-of-state employees only, whose tax residency states collect local or city income taxes.
