This amount is included as part of your taxable wages in boxes 1, 3 (up to social security wage base), and 5. TmpHous: Amounts taxable to employee for temporary housing. RET 3%: Mandatory contribution to FRS (Florida Retirement System) and ORP (Optional Retirement Plan). If any amounts are reported, they will have a brief description of what the amounts are for: This box may be used to report any additional tax information. This includes FRS (Florida Retirement System), ORP (Optional Retirement Plan), 403(b) plans, TRS (Teachers Retirement System), and BENCOR (FICA alternative plan). Retirement Plan: This box will be checked if you participated in your employer’s retirement plan during the year. The only box that may be checked off that applies to you as an employee of the University is the Retirement Plan. The amount reported is not taxable and is for informational purposes only. This is the cost of your employer sponsored health coverage and includes both the employee and the employer paid health insurance premiums. Code DD: Cost of Employer Sponsored Health Coverage. Report on Form 8889, Health Savings Accounts (HSAs). Code W: Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. This is the total reimbursed for qualified adoption expenses under an adoption assistance program. Armed Forces on active duty who move pursuant to a military order and incident to a permanent change of station. The exclusion for qualified moving expense reimbursements applies only to members of the U.S. Code P: Excludable Moving Expense Reimbursements. Code G: Elective deferrals under a section 457(b) deferred compensation plan. Code E: Elective deferrals under a section 403(b) salary reduction agreement. The calculated value of group term-life insurance in excess of $50,000. Code C: Taxable cost of group term-life insurance. Code BB: Designated Roth contributions under a section 403(b) plan. Box 12 will report a single letter or double letter code followed by a dollar amount: There are several types of compensation and benefits that can be reported in Box 12. This represents any amount reimbursed for dependent care expenses through a flexible spending account. This is a rate of 2.35% on all taxable Medicare wages over $200,000.īoxes 7 and 8: Social Security Tips and Allocated Tips Employees whose taxable Medicare wages are over $200,000 will be subject to an additional withholding for the Additional Medicare Tax at a rate of 0.9% on taxable Medicare wages over $200,000. The Medicare tax is a flat tax rate of 1.45% on your taxable Medicare wages under $200,000. This is the total amount of Medicare tax withheld from your paycheck. Medicare wages are reduced by pre-tax deductions such as health/dental/vision insurance, parking and flexible spending accounts but, not reduced by contributions to retirement or tax deferred savings plans (403(b) or 457). There is no maximum wage base for Medicare. This is the total amount of wages subject to Medicare tax. Wages above the Social Security wage base are not subject to the Social Security tax. The Social Security tax is a flat tax rate of 6.2% on your Social Security taxable income, up to the maximum Social Security wage base for the year. This is the total amount of Social Security taxes withheld from your paycheck. There is an annual maximum for Social Security taxable wages. Social Security wages are reduced by pre-tax deductions such as health/dental/vision insurance, parking and flexible spending accounts but, not reduced by contributions to retirement or tax deferred savings plans (403(b) or 457). This is the total income subject to Social Security tax. This is the total amount withheld from your paycheck for federal income taxes. The amount in Box 1 will generally be the YTD “Fed Taxable Gross” shown on your final paycheck for the calendar year. Box 1 does not include pre-tax deductions such as health/dental/vision insurance, parking, flexible spending accounts, retirement and tax deferred savings plans (403(b) or 457). This figure includes your regular wages, bonuses, and any taxable fringe benefits, awards, gifts, taxable moving expenses, as well as the taxable value of group term life insurance in excess of $50,000. This is your total taxable wages for federal income tax purposes. To have a better understanding of the breakdown of your W-2 form, here is an explanation of the contents of the various boxes as follows:
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