Understanding Your W-2 | Controller’s Office

Box Description A Employee’s Social Security Number: Your social security number. B Employer Identification Number: UC Berkeley’s federal tax identification number. C Employer’s name, address, and ZIP code: The address of UC Berkeley’s Central Payroll office. D Control Number: Optional field for employer use. E/F Employee’s name, suffix AND employee’s address and ZIP code: Your employee identification number, full name (as shown on your Social Security Card), and address (as listed in the HCM system). 1 Wages, tips, other compensation: Your total federal taxable gross pay.
This can include :

  • Wages, bonuses, and other cash compensation (including prizes or awards)
  • Non-cash fringe benefits
  • Executive life insurance
  • Imputed income
  • Non-qualified moving expenses
  • Taxable employee business expense reimbursements

This does not include :

  • 403(b) contributions
  • DCP contributions
  • Medical contributions
  • Health care (HCRA) and Dependent care (DepCare) contributions
  • All other pre-tax contributions
2 Federal income tax withheld: The total amount of federal income tax that was withheld from your wages, tips, and other compensation. 3 Social security wages: Total wages that are subject to social security tax. 4 Social security tax withheld: The amount of social security tax withheld from all OASDI taxable wages. This amount should be equal to 6.2% of the wages listed in Box 3 up to the maximum allowed. 5 Medicare wages and tips: The total wages, tips and other compensation that are subject to Medicare taxes. There is no limit on the amount of wages that are subject to Medicare taxes. 6 Medicare tax withheld: The amount of Medicare tax withheld from your Medicare taxable wages, tips and other compensation. This amount should be equal to 1.45% of the wages listed in Box 5. 9 Advance EIC payment: The total amount of any EIC (earned income credit) payments you have received during the year. 10 Dependent care benefits: The total amount of any dependent care you had deducted for the year. 11 Nonqualified plans: Amounts distributed to you from nonqualified deferred compensation plans or non-government Section 457 pension plan. The amount in Box 11 is already included as taxable wages in Box 1. 12 See inst. for box 12: The total amount of executive life insurance, 403(b) or 457(b) contributions, and excludable moving expenses.

  • Code C: Executive life insurance
  • Code E: 403(b) contribution
  • Code G: 457(b) contribution
  • Code P: Excludable moving expenses
  • Code W: Employer Contributions (including amounts the employee lected to contribute using a section 125 (cafeteria plan) to your health savings account.  Report on Form 8889, Health Savings Accounts (HSAs).
  • Code Y: Deferrals under a section 409A nonqualified deferred compensation plan.
  • Code Z: Income under a nonqualified deferred compensation plan that fails to satisfy section 409A. This amount is laso included in box 1. It is subject to and additional 20% tax plus interest. See “Other Taxes” in teh Form 1040 instructions.
  • Code DD: Cost of employer-sponsored health coverage.  The amount reported with code DD is not taxable. 
13 Retirement plan: This box is checked if you are a member of the UC retirement plan. 14 Other: This box is used by the University to report other information to you. This box may contain one or more of the following:

  • Defined contribution plan (DCP) casual (CAS) or regular (REG) contributions
  • Imputed income
  • Travel reimbursement
  • Taxable relocation expenses
  • Union dues withheld
  • Uniform payment deductions
  • Non-excludable moving expenses
  • Auto allowance
  • Social club membership
15 State code and employer’s state I.D. number: Usually CA for California and the California employer identification number for California. If you live and/or work outside of California and withholding was required for that state, the corresponding state code and identification number will be listed as well. 16 State wages, tips, etc: The total state taxable gross pay you received. 17 State income tax: The total state income taxes that were withheld from your compensation. 18 Local wages, tips, etc: The total local taxable gross pay you received. 19 Local income tax: The total local income tax withheld from your compensation. 20 Locality: If you live and/or work outside of California and the locality that you reside in requires withholding, the locality name will be displayed.
source : https://www.peterswar.net
Category : Finance

Related Posts

How to Calculate Credit Card Interest Rates

interest rates are one of the ways to work out how much it will cost you to use your credit card, along with other charges and fees….

What debt collectors can & cannot do

If you are dealing with a debt collector, you have protections under the law. A debt collector must not mislead, harass, coerce or act unconscionably towards you….

Can You Afford a New Home? How to Determine Your Homebuying Budget

Can You Afford a New Home? How to Determine Your Homebuying Budget As with any major purchase, determining what you can afford before you look for a…

Why Did My Credit Score Drop?

Why Did My Credit Score Go Down When Nothing Changed? sometimes your mark does change based on factors outside of your control, but most times your behavior…

Why Do I Owe Taxes To The IRS & How To Avoid Them

Are you wondering why you owe indeed much in taxes this year ? Want to make certain you never owe a big tax bill – or any…

The 5 reasons why your credit score might suddenly drop

Select ’ s editorial team works independently to review fiscal products and write articles we think our readers will find useful. We earn a perpetration from affiliate…