W-2

IRS requires that employee W2's be distributed by January 31.

DUPLICATE W2's. If you misplace or do not receive your W2 by January 31, please come to the PEB office with your ID to receive a duplicate. Duplicates will not be provided before the second week of February.
Your W2 may be verified by comparison to your last pay stub of the year. Taxable gross wages (not total earnings) as shown on your pay stub should match your W2.

FEDERAL WAGES
Federal taxable wages shown in box _1_ of your W2 may be calculated as follows:

Total earnings for the calendar year as shown on your check stub.
Plus: Taxable Benefits, including:
M	Imputed tax on Life Insurance	+	Box 12 on W2
	Foundation Awards
M	Personally assigned vehicles	+	Box 14 on W2
M	Other Miscellaneous Benefits as applicable

Less: Pre-Tax payroll deductions, including:
M	Premium Conversion for insurances	_¯	Box 14 on W2
M	Parking, pre-tax from your check stub
M	Tax Deferred Annuities-403B	_¯	Box 12E on W2
M	Deferred Compensation-457B	_¯	Box 12G on W2
M	Flexible Spending Account-Health Care	_¯	Box 14 on W2
M	Flexible Spending Account-Dependent Care	_¯	Box 10 on W2

FICA/ SOCIAL SECURITY WAGES
Social Security Wages in box _3_ of your W2 may be calculated as follows:

Total earnings for the calendar year as shown on your check stub
Plus: Taxable Benefits, including:
M	Imputed tax on Life Insurance	+	Box 12 on W2
M	Foundation Awards
M	Personally assigned auto	+	Box 14 on W2
M	Other Miscellaneous Benefits as applicable.

	Less Premium conversion	_¯	Box 14 on W2

For the calendar year 2004, there is a maximum taxable wage of $87,900.
For the calendar year 2005, there is a maximum taxable wage of $90,000.

MEDICARE WAGES
Medicare taxable wages are calculated the same as Social Security, except there is not a maximum limit. Medicare tax is a required deduction on all taxable wages.

File: H:/Spcial Project/W2 12/7/04.