A W-2 form is known as a Wage and Tax Statement. The form shows how much the University paid you along with how much money was withheld for taxes like Social Security and Medicare. The University files this form and sends the necessary copies to employees. Any worker who is as an employee (rather than a contractor, for example) must receive a Form W-2, no matter how much or little he works or how he is paid, such as through salary, wages or bonuses. The W-2 is the only primary document that holds both the Social Security number and the Medicare wages paid for a tax year.
What are the tax rates for Social Security (OASDI) and Medicare?
- The Social Security (OASDI) tax rate paid by employees is: 6.2%
- The Social Security (OASDI) tax rate paid by the employer is: 6.2%
- The Medicare tax rate paid by employees & employer is: 1.45%
- The Additional Medicare tax rate paid by employees on income over $200k is: .9%
What are the Social Security (OASDI) and Medicare wage bases?
For 2013: Social Security wage base up to $113,700 (maximum tax of $7,049.40). There is no limit on Medicare wages, as all wages are subject to taxation.
What is the California SDI tax rate and wage base?
For 2013: The California State Disability Tax rate is 1.0%, on a wage base up to $100,880 (maximum tax of $1,008.80).
When can I expect my W2?
Each year, the University will mail your W2 on or before January 31st.
How are my wages, tips and other compensation (Box 1) calculated?
Wages, tips and other compensation are calculated by taking your total gross earnings received in your Payroll checks/bank deposits dated between January 1, 2013 and December 31, 2013 and subtracting all pre-tax deductions. More info.
What are pretax deductions?
Pretax deductions are any amounts deducted from your gross earnings prior to tax calculations. These deductions may be 403(b) contributions, or non-taxable benefits covered under IRC Section 125, such as Health Benefits, Child Care, Group Life, Long Term Care, Pre-Tax Parking, etc. More info.
Why are my wages, tips& other compensation different than my SS& Medicare wages?
- Pre-tax benefits that are covered under IRC Section 125 are non-taxable for social security, Medicare, federal and state/city income tax purposes.
- 403(b) before tax contributions are tax deferred for federal and state/city income tax purposes and, therefore, are not included in the amounts reported as federal taxable wages and state taxable wages. These amounts are, however, reported as Social Security and Medicare wages. Therefore, you will see a larger amount reported in Social Security and Medicare wages than in state/city and federal taxable wages.
- Social security wages are limited to $113,700 for the calendar year 2013.
- Wages exempt from FICA (i.e., Social Security and Medicare tax) under the student or nonresident alien exceptions (see below) are not included in Social Security or Medicare wages, but generally are reported as federal taxable wages and state taxable wages.
- Wages exempt under a tax treaty are not reported in Box 1, wages, tips and other compensation, but are reported in Box 16, state wages, tips, etc., and may be reported as Social Security and Medicare wages.
Why are my federal and states wages different from my SS or Medicare wages?
Salaries and wages paid by the University to individuals in either of the following categories are not subject to social security or Medicare taxes and, therefore, are not reported as social security or Medicare wages:
Payments made to certain Loyola Marymount University students* during the academic school year (i.e., September through May) and Non-resident aliens in F-1, J-1, M-1 or Q-1 immigration status performing services to carry out the purpose of their visa. More info.
*Applies to those students enrolled at least half time, lacking the status of a career employee.
What is reported in Box 12?
Box 12 may include various codes with associated amounts. The most common codes reported on a W-2 issued by the University are:
- Code C Taxable Group Term Life Insurance over $50k,
- Code E Elective deferrals under a section 403(b) salary reduction agreement,
- Code P Excludable moving expense reimbursements paid directly to you, and
- Code BB Elective Roth deferrals,
- Code DD Cost of employer paid health benefits*.
*For informational purposes only.
What is reported in Box 14?
Box 14 may include various codes with associated amounts. The most common codes reported on a W-2 issued by the University are:
- Code A Imputed* dental benefits,
- Code B Imputed* medical benefits,
- Code C Other Imputed Income such as Tuition Remission, Taxable Moving, etc*,
- Code D All Pre-tax benefits (no 403b included),
- Code E Deceased employee wages,
- Code F Parsonage Allowance
- (no code) CA SDI Tax
*Imputed = taxable benefits/income.
Why is the pension plan box checked on my W-2?
This box is checked for employees who are eligible to participate in the Loyola Marymount University Defined Contribution 403(b) retirement plan.
If there is an error, it will be corrected and you will receive a re-issued W-2.
What if my address is incorrect on my W-2?
Westchester Staff & Faculty
You will need to contact the Human Resources Department for all address changes in order to update the address that will populate on your W2.
Law School Staff, Faculty, Students
You will need to contact the Fiscal Affairs-Payroll department on the law school campus to update the address that will populate on your W2.
You will need to update your mailing address through PROWL in order to update the address that will populate on your W2.
What if my name and/or social security number is incorrect on my W-2?
Please contact the Westchester Payroll department with the supporting documentation of name and/or social security number change/correction. We will issue a W2c (Corrected Wage & Tax Statement) to you.
Law School Campus
Please contact the Law School Fiscal Affairs-Payroll department with the supporting documentation of name and/or social security number change/correction, and they will coordinate with the Westchester Payroll department to issue a W2c (Corrected Wage & Tax Statement) to you.
What if I lose my original W-2 or never received it?
- If you have lost your W-2, you may access the ADP iPay website application and print another copy: https://paystatements.adp.com or https://ipay.adp.com.
- You may also request a duplicate W2 in writing from the Westchester Payroll Office at firstname.lastname@example.org. Please specify whether you will pick up the W-2 at the Payroll Office or if you prefer to have it sent via U.S. Mail. If you are requesting a W-2 by U.S. Mail, please provide a current mailing address. Your full name and phone number must be included in your email.
Can I get a W2 faxed to me?
No. To ensure confidentiality, the W-2 must be mailed or picked up in the Westchester Payroll department with a photo I.D. (For the Law School campus, the Westchester Payroll department will send your W2 to the Fiscal Affairs-Payroll department for pick up). More info.
Will LMU issue other tax documents requiring my individual income tax return?
The University will issue you a calendar year 2013 Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, by March 15, 2014 if you:
- Are a nonresident alien and received a fellowship or stipend during the calendar year 2013 or
- iClaimed a tax treaty benefit for wages or other payments during calendar year 2013 through the University.
The University may also issue certain individuals calendar year 2013 Form 1099-MISC., Miscellaneous Income. The information reported on the Form 1042-S and/or form 1099-MISC., should be included on your calendar year 2013 individual income tax return. More info.
- I want to adjust my withholding for next year, what do I do?
- Where Can I Get Tax Help?