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Employers are required to report taxable wages and related compensation, income taxes, and certain payroll deductions to employees, the Internal revenue service (IRS) and the State of Minnesota, or one of the other states for which the University withholds tax. The wages are always reported for the year they are paid. W-2s are sent to employees by January 31st of the following year.
Reissued (duplicate) Forms W-2 are available through Employee Self-Service under Self-Service Actions, Request a Reissued W-2. Employees can view and print their reissued W-2, or email it to an address you specify. If Self-Service Actions aren't available, complete the Request for Duplicate W-2 form and forward it to Human Resources Call Center.
Following are instructions on how to interpret the amounts shown in the boxes on your Form W-2, when comparing it to your pay statement.
Box 1 on your Form W-2 indicates your federal taxable wages and other compensation. Your year-to-date federal taxable wages are located on your pay statement under the heading FED TAXABLE GROSS. Your federal taxable wages are determined by the following calculation.
Box 2 equals the year-to-date Fed Withholding as shown in the "Taxes" section of your pay statement.
Box 3 indicates your Social Security wages. The Social Security wage limit for 2002 is $84,900. To determine your Social Security wages, you must add your YTD gross earnings (including any taxable benefits listed in YTD earnings), and your YTD taxable Employer Paid Benefits indicated by an asterisk (*).
From that total, subtract the following applicable "Before Tax Deductions". The remaining amount is the taxable Social Security wages reported in Box 3.
Box 4 equals the year-to-date Fed OASDI/EE taxes as shown in the "Taxes" section of your pay statement.
Box 5 indicates your Medicare wages. The calculation to determine your Medicare wages is the same as your Social Security wages except there is no limit on Medicare wages.
To determine your Medicare wages, you must add your YTD gross earnings (including any taxable benefits listed in YTD earnings), and your YTD taxable Employer Paid Benefits indicated by an asterisk (*).
From that total, subtract the following applicable "Before Tax Deductions". The remaining amount is the taxable Medicare wages reported in Box 5.
Box 6 equals your year-to-date Fed MED/EE taxes as shown in the "Taxes" section of your pay statement.
This box equals the total Advanced Earned Income Credit payments made to an eligible employee who submitted Form W-5 to Payroll Services for the calendar year. On the back of your W-2 form there is an explanation of who qualifies for Earned Income Credit.
This amount equals the total "before-tax" dependent care benefits paid. Any amount in excess of $5,000 is also included in boxes 1, 3, 5, and 16.
The following list explains the codes shown in box 12. Other before-tax deductions, including MSRS, Faculty Retirement Plan, and Medical, are not reported in box 12.
You may need this information to complete your tax return.
Box 13 is the Retirement Plan indicator. If the "Retirement Plan" box is checked, special limits may apply to the amount of traditional IRA contributions you may deduct. The Retirement Plan box will be checked if you are an active participant in the following plans:
Third-party Sick Pay check box.
Box 15 indicates the State for which your wages and taxes in boxes 16 and 17 are being reported. The University of Minnesota withholds income taxes for the state of Minnesota as well as the three reciprocal states of Wisconsin, Michigan, and North Dakota. If you had income taxes withheld for more than one state, the wages and taxes for each state will show separately.
To determine the total shown in Box 16, see instructions for Box 1, Wages, tips, other compensation. If you had wages for more than one state, the total of all state wages will equal your federal taxable gross as shown on your pay statement.
Box 17 equals the year-to-date State Withholding as shown in the "Taxes" section on your pay statement.
Earned Income Credit (EIC) is a refundable IRS tax credit for certain workers. To determine if you're eligible to receive a federal tax refund due to EIC, read IRS Notice 797.
An abbreviated EIC notice also appears on the back of Copy B of the Form W-2.
Contact the Office of Human Resources Call Center at 612-625-2016.