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A Brief Description of NYS W-2
Statements |
In order to help State employees better understand the information reported on
their W-2s, the Bureau of State Payroll Services has developed a brief
description of how certain data is derived and what it represents.
As you review your W-2 Statement for 2008, consider the following:
1. Comparing your W-2 and your final paycheck:
The Federal Taxable Wages reported in Box 1 (Wages, Tips, and Other
Compensation) on the Form W-2 are generally the same amount that is reported as
the Federal Taxable Gross on your final pay stub for calendar year 2008.
There are a few exceptions to this. The most common is the reporting of payments
for Taxable Expenses (e.g. non-overnight meals) that are not reported on the pay
stub. This is reported as EXP in Box 14 of the Form W-2 statement. Other
exceptions are the reporting of third party sick pay, imputed income, personal
use of State-provided vehicle, and Certification and Licensure Exam Fee
Reimbursement. These additions to the Federal Taxable Gross are reported as TPS/TPE,
IMP and FRB respectively, in Box 14 of the Form W-2 statement.
2. Explaining W-2 wage reporting differences:
Social Security Wages (Box 3) and Medicare Wages (Box 5) are in many instances
different from the amount reported for Federal Taxable Wages in Box 1. These
differences, for the most part, are created by deductions taken for 414(h) ERS
Retirement Before Tax, 403(b) Tax Deferred Annuities, or the NYS Deferred
Compensation Program. Also, because the maximum Social Security Wage is
$102,000.00, the Box 3 amount will be capped at this amount.
3. Reporting deductions for non-taxable health insurance:
The total amount deducted for non-taxable health insurance is reported as a
year-to-date amount on your final pay stub for the calendar year. Non-taxable
health insurance is not reported in the Form W-2 boxes for Federal Taxable
Wages, Social Security Wages and Medicare Wages. Retain your last paycheck
stub/advice statement of 2008 for a record of the Non-taxable Health Insurance
paid in 2008.
4. Reporting deductions for charitable contributions through SEFA:
The total amount deducted for SEFA is reported as a year-to-date amount on your
final pay stub for the calendar year. Your total charitable contributions
through SEFA are not reported in the Form W-2. Retain your last paycheck
stub/advice statement of 2008 for a record of the SEFA amount for tax purposes.
5. Reporting deductions for the health care spending account:
The total amount deducted for the health care spending account is reported as a
year-to-date amount on your final pay stub for the calendar year. This deduction
is not reported in the Form W-2 boxes for Federal Taxable Wages, Social Security
Wages and Medicare Wages.
2008 W-2 Description of Boxes:
Box 1 Wages, Tips and Other Compensation
Federal taxable wages are reported in this box.
Box 2 Federal Income Tax Withheld
The total Federal income tax withheld from your pay is reported in this box.
Box 3 Social Security Wages
The wages subject to Social Security taxes, not to exceed $102,000.
Box 4 Social Security Tax Withheld
The Social Security Tax deducted, not to exceed $6,324.
Box 5 Medicare Wages
All wages subject to Medicare taxes. There is no salary cap on Medicare wages.
Box 6 Medicare Tax Withheld
The Medicare tax deducted from your pay.
Box 9 Advance EIC Payments
The total earned income credit paid to an employee.
Box 10 Dependent Care Benefits
The total dependent care deductions.
Box 12 Codes
E - Section 403(b) contributions
G - Section 457(b) deferred compensation plan
P - Excludable moving expense reimbursements (not included in Boxes 1, 3, or 5)
Box 13 Checkboxes
Retirement Plan - This box is checked if you participate in a NYS retirement
plan.
Third Party Sick Pay This box is checked if you received third party sick pay
benefits.
Box 14 Other
Amounts to be reported:
414 (h) All non-taxable Tier 3 and Tier 4 contributions made to New York State
or City Retirement Systems or to TIAA/CREF must be reported for State and Local
taxes. If there is a minus sign (-) with this amount, it can be disregarded for
State and Local taxes since the taxes have already been paid.
UTA Uniform/Tool allowance
EXP Taxable expense This code is used for payments of lieu of expenses,
non-overnight meal allowances, excess per diem reimbursements or personal car
mileage.
FRB Taxable fringe benefit
lease value of employer provided vehicle and/or Certification and Licensure Exam
Fee Reimbursement
EDA Educational assistance payments
TXP Taxable transportation fringe benefits (parking) in excess of IRS excludable
amounts.
PPL Pre-paid legal expense
IMP Imputed income The value of the employer's contributions for employees
with Domestic Partner Health Insurance.
WCX Workers' Compensation excluded amount. This is the amount awarded by NYS
Workers' Compensation Board, which is excluded from the gross pay for the
current year for a work related injury.
TPS The amount of sick pay paid by a third party.
Box 15 State
Employer's state ID number; a two-letter code indicating which State income
taxes were withheld
Box 16 State Wages
The State wages reported are the same as the amount of Federal wages required to
be reported in Box 1 Wages, Tips and Other Compensation.
Box 17 State Income Tax
The total State tax withheld is reported in this box.
Employer's Name and Address
This information will be printed on all copies of the W-2 and include the NYS
Federal ID #14-6013200.
Retain your last paycheck stub/advice statement of 2008 for a record of the
Non-taxable Health Insurance, payments to health care spending account in 2008
and charitable contributions made through SEFA paid in 2008.
Employees participating in the NYS-Ride Transportation Benefit Pilot Program
should retain their last paycheck stub/advice statement for 2008 for a record of
their participation in the program.
If you have any questions regarding this information, contact the Payroll Office
at ext. 4124.
Source:
http://www.osc.state.ny.us/payroll/w2.htm
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