Form W-2 is generally used to report wage income not covered by treaty benefits.
It is sent out by the College at the end of January. The last date the form can be sent out is January 31. The College first uploads Form W-2 electronically onto a secure website called BannerWeb and then mails Form W-2 via postal mail to those individuals who did not give consent for electronic posting.
If you receive Form W-2, you have to file a U.S. Federal Income tax return unless an exemption applies. For more information on how to file a tax return, see here.
The following income types are generally reported by the College / Institute (for more information on the types of payments see the Payment section of this website):
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Box 1: Wages, tips, taxable fringe benefits, unsubstantiated business expense reimbursements, group-term life insurance over $50,000, non-qualified moving expense reimbursements, prizes and awards paid to employees, etc., subject to federal income tax;
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Box 2: Federal income tax withheld
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Box 3 and 5: Wages, tips (only for box 5), taxable fringe benefits, unsubstantiated business expense reimbursements, group-term life insurance over $50,000, non-qualified moving expense reimbursements, prizes and awards paid to employees, etc., subject to Social Security and Medicare tax.;
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Box 4: Social security tax withheld;
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Box 6: Medicare tax withheld;
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Box 7: Social security tips;
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Box 10: Dependent care benefits (maximum $5,000);
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Box 12 Code C: Taxable cost of coverage of group-term life insurance over $50,000;
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Box 12 Code E: Elective deferrals under a section 403(b) salary reduction agreement;
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Box 12 Code P: Qualified moving expense reimbursements paid directly to employee;
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Box 14 RECR: Taxable cost of coverage of ski pass or golf membership (taxable fringe benefit included in boxes 1, 3, and 5);
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Box 14 RET: Required employee contributions to pension plan;
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Box 16: Wages, tips, taxable fringe benefits, unsubstantiated business expense reimbursements, non-qualified moving expense reimbursements, group-term life insurance over $50,000, prizes and awards paid to employees, etc., subject to State income tax.
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Note: Box 3 + Box 7 = no more a maximum amount, set every year by the Social Security Administration.
Last Updated April 23, 2009