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Calendar Year 2007 W-2 Form
January 29, 2008, Volume 54, No. 19

w2

An Explanation of the Boxes
The University has recently mailed over 30,000 Calendar Year (CY) 2007 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 2007 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;

f. Parking, Transit Checks, TransPass and Van Pool premiums that have been sheltered.

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 2007 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, vision 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 2007 which was subject to Medicare tax, including all of your tax deferred annuity contributions and excess life insurance premiums, if applicable, but excluding health, vision 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, 2007.

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 G.  Elective deferrals and employer contributions (including non elective deferrals) to any governmental or non governmental section 457(b)deferred compensation plan.

Code M. Uncollected Social Security or RRTA tax on taxable cost of group-term life insurance over $50,000 (for former employees).

Code N. Uncollected Medicare tax on taxable cost of group-term life insurance over $50,000 (for former employees).

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 a.  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:  the SUT represents the amount of PA State Unemployment tax which was withheld from your earnings during the year.

Box 16.  State wages, tips, etc.: this represents the total amount of compensation paid to you during Calendar Year 2007 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 2007.

Box 18.  Local wages, tips, etc.: this represents the total amount of compensation paid to you during Calendar Year 2007 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 2007.

Forms: More Information
If you have questions regarding your W-2 form, please contact the W-2 hotline at (215) 573-3277 or write to W-2 Office, Room 310, Franklin Building/6284 or send an e-mail to W2Temp@exchange.upenn.edu.

You should have received, via the US 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, or by calling (800) TAX-FORM and online at www.irs.gov/formspubs/index.html. Pennsylvania Income Tax forms are available by calling (800) 362-2050. Federal and State forms are also available at many libraries and US Post Offices.

W-2 Form On-Online
The 2007 W-2 Form is also available on-line to our employees at U@Penn. 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 29, 2008, Volume 54, No. 19