State System issues W-2 forms
The 2007 W-2 forms were mailed on Jan. 24 directly to all active and terminated Pennsylvania State System of Higher Education employees who had taxable wages in calendar year 2007. The forms were mailed to each employee's most recent Mailing or Permanent Residence address on file in the Human Capital Management (HCM) system.
The 2007 W-2 form consists of four copies, each on a separate sheet of paper. Copy C of the W-2 form is for the employee's own personal records, Copy B is for the employee's Federal tax return, the first sheet of Copy 2 is for the employee's State tax return, while the second sheet of Copy 2 is for the employee's Local tax return. The 2007 W-2 form is an official tax document, and it should be retained by all active and terminated employees. The Internal Revenue Service (IRS) requires employers to retain this document for four years.
2007 W-2 Form Highlights
There have been no major changes to the information contained on the W-2 form. The following is a breakdown of each box on the form:
- Boxes 1, 3, and 5 contain the Federal, Social Security, and Medicare Taxable Gross Wages, respectively. The amount in Box 3 (Social Security Wages) should not exceed $97,500.00.
- Boxes 2, 4, and 6 contain the Federal, Social Security, and Medicare income taxes withheld, respectively. The amount in Box 4 (Social Security Tax Withheld) should not exceed $6,045.00.
- Boxes 16 and 17 contain the State Taxable Gross Wages and the State Income Tax withheld, respectively, for the applicable State indicated in Box 15.
- Boxes 18 and 19 contain the Local Taxable Gross Wages and the Local Income Tax Withheld, respectively, for the applicable Local entity indicated in Box 20.
Detailed explanations of the codes used in Box 12 are printed on the back of Copy B to be filed with the Federal Tax Return.
Box 10 contains Dependent Care Flexible Spending Account Deductions, if applicable for the employee.
Box 14 may include one or more of the following:
Retirement Plan Contributions (SERS, PSERS, or ARP)
Pre-Tax Benefit Programs Payroll deductions covered under the Internal Revenue Code Section 125 for flexible spending account programs are also shown in this box. These include deductions for:
- Health insurance premiums
- Health Care Flexible Spending Account (HCFSA)
- Other deductions such as:
- Union Dues
- Taxable Automobile
- Taxable Moving Expenses
- Maintenance Taxable and Nontaxable
NOTE: Employee health insurance premiums and employee HCFSA contributions are grouped together and described as Flexible Spending Account (FLX SP AC) contributions in Box 14.
Employees should verify the Social Security Number, Name, and Address reported on the W 2 form, as this is the information that will be sent to the Social Security Administration (SSA) and the IRS. Any discrepancies in social security number and/or name should be reported immediately so we can notify the proper agencies. Please note, employee names should be the same in the HCM system as they are on the employee's social security card for the employee to receive proper credit for the earnings reported in calendar year 2007.
Finally, requests for reissued W-2's should be emailed directly to w2request@passhe.edu.
Reissued W-2's will be mailed directly to the employee at the current Mailing or Permanent address in HCM.
If you have any questions regarding the distribution of 2007 W-2 forms, please contact the payroll office, 389-4415.