W-2 Form for Calendar Year 2015
The University’s Tax and International Operations Office will again implement ADP W-2 Services for year finish 2015.
1.Access W-2 form information for taxation years 2013 and later
2. Opt out of duplicate W-2 (must elect by 12/31 of a stream year)
3. Receive email presentation when a new matter is permitted to perspective (must enter email residence into ADP)
4. Upload W-2 form information directly into taxation software
5. Online assistance and FAQ
1. Login to ADP W-2 Services from a following U@Penn secure web site: https://email@example.com
2.Click on “My Tax Info” (enter additional confidence information)
3. Click on “Click here for W-2 information for taxation years 2013 and later”
Note that W-2 forms were mailed to employees’ permanent addresses as they seemed in a Payroll/Personnel File (Employee Database).
If a permanent residence was not finished on a Payroll/Personnel File, a W-2 form was mailed to a current address.
W-2 forms for 2012 and before will be permitted underneath “My Tax Info.”
W-2 Form for Calendar Year 2015
An reason of a essence of a several boxes on a W-2 form is as follows:
Box a: Employee’s amicable confidence number. This is your Social Security Number. It should compare a series on your Social Security Card. If a series is incorrect, greatfully yield your Social Security Card to a Tax Department. The Tax Department will refurbish and emanate a corrected W-2 form.
Box b: Employer marker series (EIN). This is your employer’s singular taxation marker number.
Box c: Employer’s name, residence and ZIP code. This identifies a name, address, city, state and zip formula of your employer.
Box d: Control number. This is a formula that identifies this singular W-2 form in your employer’s records. It is an discretionary margin and might be left blank.
Box e: Employee’s name. This identifies your full name (first name, center initial and final name). Your name contingency compare a name on your Social Security Card. If a name is incorrect, greatfully yield a duplicate of a Social Security Card to a Tax Department. The Tax Department will refurbish and emanate a corrected W-2 form.
Box f: Employee’s address. This identifies your address, city, state and zip code.
Numbered Boxes on W-2 form:
Box 1: Wages, tips, other compensation. Box 1 reports your sum taxable income or income for sovereign income taxation purposes. This figure includes your wages, salary, tips, reported bonuses and other taxable compensation. Any taxable border advantages (such as organisation tenure life insurance) are also enclosed in your Box 1 wages. Box 1 does not embody any pre-tax advantages such as assets contributions to a 401(k) plan, 403(b) plan, health word or other forms of pre-tax benefits.
Box 2: Federal income taxation withheld. Box 2 reports a sum volume funded from your paychecks for sovereign income taxes. This represents a volume of sovereign taxes we have paid-in via a year.
Box 3: Social confidence wages. Box 3 reports a sum volume of income theme to a Social Security taxation for 2015. The Social Security taxation is assessed on income adult to $118,500. This extent is called a Social Security income base.
Box 4: Social confidence taxation withheld. Box 4 reports a sum volume of Social Security taxes funded from your paychecks. The Social Security taxation is a prosaic taxation rate of 6.2% on your income income, adult to a limit income bottom of $118,500 (for 2015). Wages above a Social Security income bottom are not theme to a Social Security tax. Accordingly, a limit figure shown in Box 4 should be $7,347 ($118,500 limit income bases times 6.2%).
If we have dual or some-more jobs during a year and your sum Social Security income (Box 3) surpass $118,500, we might have paid-in some-more Social Security taxation than is required. You explain a additional Social Security taxation self-denial as a refundable credit on your Form 1040.
Box 5: Medicare income and tips. Box 5 reports a volume of income theme to a Medicare tax. There is no limit income bottom for Medicare taxes.
Box 6: Medicare taxation withheld. Box 6 reports a volume of taxes funded from your paycheck for a Medicare tax. The Medicare taxation is a prosaic taxation rate of 1.45% on your sum Medicare income underneath $200,000. Employees whose Medicare income are over $200,000 will be theme to an additional self-denial for a additional Medicare taxation during a rate of 0.9% on Medicare income over a $200,000. This is a rate of 2.35% on all Medicare income over $200,000.
Box 10: Dependent Care benefits. Box 10 reports any contingent caring advantages paid underneath a competent devise (Section 125 cafeteria plan). It might also embody a volume of advantages paid by a employer to a daycare trickery or reimbursed to a worker to finance a benefit. Amounts adult to $5,000 are non-taxable benefits. Any volume in additional of $5,000 is reported as taxable income in Boxes 1, 3 and 5.
Complete Form 2441, Child and Dependent Care Expenses, to discriminate any taxable and non-taxable amounts.
Box 12: Deferred Compensation and Other Compensations. There are several forms of remuneration and advantages that can be reported in Box 12. Box 12 will news a singular minute or double minute formula followed by a dollar amount. A finish list of a codes can be found on a box instructions on a W-2 form. These are a many common codes found on Penn’s W-2 form:
Code C:Taxable cost of group-term life word over $50,000. This volume is enclosed as partial of your taxable income in Boxes 1, 3 and 5.
Code E:Non-taxable elective alary deferrals to a 403(b) retirement plan.
Code G:Non-taxable elective income deferrals and employer contributions (including non-elective deferrals) to a Section 457(b) retirement plan.
Code M:Uncollected Social Security or RRTA taxation on taxable group-term life word over $50,000.
Code N:Uncollected Medicare taxation on taxable group-term life word over $50,000.
Code P:Excludable relocating responsibility reimbursements paid directly to worker (not enclosed in Box 1, 3, or 5).
Code T: Employer-paid adoption benefits. This volume is not enclosed in Box 1 wages. Use form 8839 to calculate a taxable and non-taxable apportionment of these adoption benefits.
Code W: Employer and worker contributions to a Health Savings Account. Report this volume on Form 8889, Health Savings Accounts (HSAs).
Code Y: Salary deferrals underneath a Section 409A non-qualified deferred remuneration plan.
Code Z: Income perceived underneath 409A non-qualified deferred remuneration plan. This volume is enclosed in taxable income in Box 1. This volume is theme to an additional taxation reported on a employee’s Form 1040.
Code BB: After-tax contributions to a Roth 403(b) retirement plan.
Code DD: Reports a cost of employer-sponsored health coverage. The volume reported with Code DD is not taxable.
Box 13: Check boxes. There are 3 check boxes in Box 13. The usually box that might be checked off that relates to we as an worker of a University is a Retirement Plan.
Retirement plan means that we participated in your employer’s retirement plan.
If a “Retirement plan” box is checked, special boundary might request to a volume of normal IRA contributions we might deduct. See Pub. 590, Individual Retirement Arrangements (IRAs).
Box 14: Other Tax Information. Your employer might news additional taxation information in Box 14. If any amounts are reported, they will have a brief outline of what a amounts are for. For example, SUT represents a volume of State Unemployment taxation that was funded from your gain during a year.
Box 15: State and State Employer’s Identification. Box 15 reports your employer’s state and state taxation marker number.
Box 16: State wages. Box 16 reports a sum volume of taxable income warranted in that state.
Box 17: State income taxation withheld. Box 17 reports a sum volume of state income taxes funded from your paychecks for a income reported in Box 16.
Box 18: Local wages. Box 18 reports a sum volume of income theme to internal income taxes.
Box 19: Local income taxation withheld. Box 19 reports a sum volume of taxes funded from your paychecks for internal income taxes.
Box 20: Locality name. Box 20 provides a brief outline of a internal taxation being paid.
Tax and International Operations
2016 Payroll Tax Updates
Federal Taxes:The sovereign self-denial taxation tables for 2016 can be found in a IRS Publication 15 at: http://www.irs.gov/pub/irs-pdf/p15.pdf
Social Security Wage Rate: The 2016 Social Security income bottom will sojourn during $118,500.
Social Security Tax Rate: The 2016 taxation rate stays during 6.2% and a limit taxation that an worker would compensate will be $7,347.
Supplemental Pay Withholding: Withholding on payments reduction than $1 million in a calendar year stays during 25% for 2016 and self-denial for payments in additional of $1 million in a calendar year sojourn during 39.6%.
Medicare Tax Rate: The Medicare taxation rate stays during 1.45% in 2016 for income underneath $200,000. Wages in additional of $200,000 are taxed during 2.35%.
PA State Unemployment Insurance Employee Rate: The taxation rates stays during 0.07% for 2016.
PA State: The taxation rate for 2016 stays during 3.07%.
Philadelphia City: As of Jul 1, 2015, a Resident Rate is 3.9102% and Non-Resident Rate is 3.4828% and stays a same for a commencement of 2016.
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