This information is intended as a guide for reading your Wayne
Central W2 form and Paycheck stub. If you have any further questions
regarding your W2 or Paycheck stub contact the Wayne Central Business Office.
Always consult your tax advisor or financial advisor before making investment or
tax decisions. The majority of the tax information below is provided from
the H&R Block website.
| Box |
Description |
| d |
Your social security number |
| b |
This is your employer's
identification number with the IRS, (the equivalent of your
social security number or individual taxpayer identification
number). Wayne Central 15-6002469 |
| c |
Employer's Name, Address and
Zip Code. This is the address for the school district and
not necessarily the building where you work.
Wayne Central School, 6200 Ontario Center
Rd, Ontario Center, NY 14520 |
| a |
Control Number: This is the Building you work in i.e.
FE, OE, HS, etc. and your Wayne CSD employee number. |
| e |
Employee's Name and Address.
Your full name and current address. |
| 1 |
Wages, Tips and Other
Compensation - The total amount of compensation your
employer has record of paying you after any tax deductible
salary amounts have been subtracted. To verify if this
amount is correct first look at the total salary paid
before deductions in the Cal Year to Date section on your last
paycheck stub dated 12/21/2007. Second subtract any
salary amounts that are tax exempt. The most common items
you might have (although not a complete list of all items):
- 414 h (Teacher
Retirement System Payments) which can be found in W2
box 14 and on your 12/21/2007 paycheck stub in the
deductions section (TRS)
- Tax Exempt 403 b plan
amounts which can be found in W2 box 12a and on your
12/21/2007 paycheck stub in the deductions section
- Dental and Health
insurance premiums which can be found on your
12/21/2007 paycheck stub in the deductions
section (DENT & HOSP)
-
Dependent Care
Benefits, which can be found in W2 Box 10 and on
your paycheck stub
-
FSA contibution amounts, which can
be found on your 12/21/2007 paycheck stub in
the deductions section (FLX BN)
|
|
| 2 |
Federal Income Tax Withheld.
The total amount of federal taxes your employer withheld from
your wages the previous year. This can be verified on your
12/21/2007 paycheck stub (FEDERAL) |
| 3 |
Social Security Wages. The
amount of earnings your employer paid you (not including tips)
that is subject to Social Security tax. This amount may be
greater than the amount shown in Box 1 due to tax-deferred
income you may receive such as FSA & Dependent Care Benefits,
costs of purchasing Dental & Health Insurance from the district,
etc. (These amounts are generally factored in to your box 1 & 3
salary total). However, various retirement contributions 414h
and 403b are not factored into this salary total in box 3, but
are factored in box 1. For 2007, the total of boxes 3 and 7 shouldn't exceed
$97,500. |
| 4 |
Box 4: Social Security Tax
Withheld. The amount of Social Security tax withheld on your
wages. For 2007, this amount can't exceed $6,045. This amount
should equal 6.2% of the amount shown in Box 3. This can be
verified on your 12/21/2007 paycheck stub (FICA) |
| 5 |
Box 5: Medicare Wages and
Tips. The total amount of earnings your employer paid you
subject to Medicare tax. This can be verified on your 12/21/2007
paycheck stub (MEDI) |
| 6 |
Box 6: Medicare Tax Withheld.
The amount of Medicare tax withheld on your wages. This amount
should equal 1.45% of the amount shown in Box 5.
This can be verified on your
12/21/2007 paycheck stub (MEDI) |
| 7 |
Box 7: The amount of tips you
received that you reported to your employer. This
box should most likely be empty. |
| 8 |
Box 8: Allocated Tips. The
amount of tips your employer allocated to you. This amount is in
addition to the amount you reported shown in Box 7.
This box should most likely be empty. |
| 9 |
Box 9: Advance EIC Payment.
The amount of the Earned Income Credit (EIC) your employer paid
you in advance. There should be an amount in this box only if
you requested the advance payment because you expected to
qualify for the credit. This box should most likely be empty. |
| 10 |
Box 10: Dependent Care
Benefits. The amount of your income you elected to defer
from tax and use for payment to your dependent care provider.
You must file IRS Form 2441 or Schedule 2 (Form 1040A) to
determine whether any part of this amount is taxable when you do
your 2007 taxes. Currently only about 5 employees of WCSD
take advantage of this incredible tax savings deduction.
If you are paying for your child to receive day-care from a
qualified provider you should look into this option during the
next open enrollment period in approximately May/June 2008 |
| 11 |
Box 11: Nonqualified Plans.
The total amount of payments received from your employer's
nonqualified plan. This amount is included in Box 1 and is
taxable. This box should most likely be empty. |
| 12 |
Boxes 12a, 12b, 12c, 12d.
These boxes are used for various
reporting purposes. Following is
a partial list of what some of
the codes mean:
-
E
— Pre-tax contributions to
an 403 b tax-sheltered
annuity plan. This amount is included
(subtracted from your total
salary earned) to calculate
your total in Box 1.
|
| 13 |
Box 13: Statutory
Employee, Retirement Plan, Third Party Sick Pay.
One of the boxes will be checked if it applies
to you.
- Statutory
employee — If you're a statutory employee,
your W-2 should have Social Security and
Medicare tax withheld, but no federal or
state taxes withheld.
- Retirement
plan — If you're covered by any sort of
employer retirement plan, whether you
contribute to it or not, this box will be
checked. Your deductible IRA contributions
may be limited.
- Third-party
sick pay — If you received any payments for
sick pay from a third-party provider, this
box will be checked. Any amounts paid due to
premiums paid by your employer will be
taxable to you. Amounts paid from your own
contributions won't be taxable.
Most likely you will have an "x" in the Retirement Plan
box |
| 14 |
Box 14: Other. This is
used by your employer to provide you with additional information
that may or may not affect your tax return.
If you are still paying into the
Teacher Retirement System you will have 414 h and a dollar
amount here. |
| 15 |
Box 15: State. The postal
abbreviation indicating the state for which taxes were withheld
and the employer's state identification number. The Wayne
CSD identification number was not included this year.
However, it is the same as the Federal Identification number.
Wayne Central 15-6002469 |
| 16 |
Box 16: State Wages, Tips,
etc. The amount of your wages subject to state tax. This
amount may differ from the amount shown in Box 1, but probably
won't. |
| 17 |
Box 17: State Income Tax.
The amount of taxes withheld for the state indicated in Box 16.
This can be verified on your 12/21/2007 paycheck stub (STATE) |
| 18 |
Box 18: Local Wages, Tips,
etc. The amount of your wages subject to local income tax.
This box should most likely be empty. |
| 19 |
Box 19: Local Income Tax.
The amount of taxes withheld for the locality indicated in Box
20. This box should most likely be empty. |
| 20 |
Box 20: Locality Name. The
name of the locality for which taxes were withheld.
This box should most likely be empty. |
The above example paycheck contains the following paycheck deductions,
which you may or may not have on your paycheck depending on whether or
not you make that deduction. This is not a complete list of all
possible deductions.
