Loading
Print This Issue
Subscribe:
E-Almanac

Calendar Year 2006 W-2 Form
January 23, 2007, Volume 53, No. 19

Click here for the 2007 W-2 Form.

2006 W-2

The University has recently mailed over 30,000 Calendar Year (CY) 2006 W-2 Forms to employees’ permanent addresses as they appear on the Payroll File (Employee Database). If no permanent address is on the Payroll File, the W-2 Form was mailed to the current address. An explanation of the contents of the various boxes on the W-2 form is as follows:

Box 1. Wages, tips, other compensation: this represents the total amount of Federal Taxable compensation paid or imputed to you during Calendar Year 2006 through the University Payroll System. This amount includes:

a. The value of your taxable graduate and/or professional tuition benefits, if you, your spouse and/or your dependent children have received such benefits;

b. The value of Group Life Insurance coverage for amounts greater than $50,000. Amounts that are excluded from this amount are:

c. Tax deferred annuity contributions (i.e., TIAA/CREF);

d. Health, Dental and Vision Care insurance premiums that have been sheltered;

e. Amounts voluntarily contributed to a dependent care or a medical reimbursement account. Also included are fees for Parking, Transit Checks, TransPass and the Van Pool.

Box 2. Federal income tax withheld: this represents the amount of Federal income tax which was withheld from your earnings during the year and paid to the Internal Revenue Service, on your behalf, by the University.

Box 3. Social security wages: this represents the total amount of compensation paid to you during Calendar Year 2006 which was subject to Social Security (FICA/OASDI) tax, including all of your tax deferred annuity contributions and excess life insurance premiums, if applicable, but excluding health and dental insurance premiums and any voluntary dependent care or medical reimbursement account contributions which you have “sheltered.”

Box 4. Social Security tax withheld: this represents the total amount of Social Security (FICA/OASDI) tax which was withheld from your earnings during the year and paid to the Social Security Administration, on your behalf, by the University.

Box 5.  Medicare wages and tips: this represents the total amount of compensation paid to you during Calendar Year 2006 which was subject to Medicare tax, including all of your tax deferred annuity contributions and excess life insurance premiums, if applicable, but excluding health and dental insurance premiums and any voluntary dependent care or medical reimbursement account contributions which you have “sheltered.”

Box 6. Medicare tax withheld: this represents the total amount of Medicare tax which was withheld from your earnings during the year and paid to the Social Security Administration, on your behalf, by the University.

Box 9. Advance EIC Payment:  this represents the total amount which was paid to you as advanced earned income credit (EIC) payments.

Box 10. Dependent care benefits: this represents the total amount which you have voluntarily “sheltered” for dependent care expenses, regardless of whether you have been reimbursed by the University for the expenses associated with this “shelter” as of December 31, 2006.

Box 12. Other:

Code C Taxable cost of group-term life insurance over $50,000: the Internal Revenue Service requires that the premiums paid by an employer for group life insurance coverage in excess of $50,000 be imputed as income to the employee. The amount, which appears in Box 12 and labeled (C), is the value of the premiums paid for this excess insurance coverage. This amount is based on an Internal Revenue Service (IRS) table, which identifies premiums for different age groups.

Code E  Elective deferrals under a section 403(B) salary reduction agreement: this represents the total amount of contributions made by an employee to a retirement plan on a tax-deferred basis.

Code P Excludable moving expense reimbursements: this represents the nontaxable moving expenditures that were paid to you as a reimbursement. If any reimbursements or third party payments were deemed to be taxable income you were notified of these amounts under separate cover.

Code Y Deferrals under a section 409A nonqualified deferred compensation plan:  this represents current year deferrals under a section 409A nonqualified compensation plan.

Box 13 d. Employee’s social security number: this is the number that the Federal and State Governments use to identify you with the tax returns that you file, so please review it for accuracy. If the number is incorrect, then the University Payroll system is also inaccurate and you should contact the Payroll Office, immediately, before you file your returns.

Box 14. Other:SUT–This represents the PA unemployment tax withheld from your earnings.

Box 16. State wages, tips, etc.: this represents the total amount of compensation paid to you during Calendar Year 2006 which was subject to State Income Tax.

Box 17. State income tax: this represents the total amount of State Income Tax withheld during Calendar Year 2006.

Box 18. Local wages, tips, etc.: this represents the total amount of compensation paid to you during Calendar Year 2006 which was subject to Local Wage Tax.

Box 19. Local income tax: this represents the total amount of Local Wage Tax withheld during Calendar Year 2006.

If you have availed yourself of certain taxable benefits please review any additional information which was provided to you, under separate cover, concerning these benefits and their impact on your tax status. If you still believe that your W-2 is in error, please contact the W-2 Office at (215) 573-3277 or write to W-2 Office, Room 310, Franklin Building/6284 or send an email to W2Temp@pobox.upenn.edu.

You should have received, via the U.S. Postal Service, your Federal and State Income Tax Forms and related instructions for filing. Federal Tax forms are available at the Internal Revenue Service, 600 Arch Street, Philadelphia, or by calling(800) TAX-FORM. Pennsylvania Income Tax forms are available at the State Office Building, 1400 Spring Garden Street, Philadelphia, or by calling (800) 362-2050. Federal and State forms are also available at many libraries and U.S. Post Offices and online at www.irs.gov/formspubs/index.html.

The 2006 W-2 Form will also be available to our employees online at U@Penn by January 26, 2007. You will need your PennKey and password to access the U@Penn portal. Once you have logged onto U@Penn and authenticated yourself, from the general tab, please click on My Tax Info in the Payroll and Tax section. From this point you will be directed to a Security notice on how to protect your confidential information. Once you have read this page and clicked the continue button you will be directed to a page which lists all of your tax forms that are available to view and/or print.

 

—Terri Pineiro, Payroll Manager 

Almanac - January 23, 2007, Volume 53, No. 19