What do the letter codes in box 12 of my W-2 mean?

What do the letter codes in box 12 of my W-2 mean?

taxable elective salary

These are the payroll deductions covered under the Internal Revenue Code Section 125 for flexible spending account programs. These are the payroll deductions covered under the Internal Revenue Code Section 414 for pension contributions.

If your employer withholds too much or too little tax on your RSUs, you may need to submit a new Form W-4 to adjust. The Social Security Number and the name on the W‐2 must match the Social Security Number and name on your Social Security card. If they do not, then the W‐2 is incorrect, and you may need a W-2C (corrected W-2) after your payroll record is updated by your departmental HR Representative. As the University cannot dispense tax advice, please refer tax‐related questions to your tax professional. All current and separated employees have access to At Your Service Online .

What is the emergency tax code in Ireland?

The IRS Form W‐2 reports taxable earnings paid to employees between January 1 and December 31 of each calendar year. The SSA shares employees’ earnings and tax information with the Internal Revenue Service . Most TDA contributions are not subject to income taxes. Your taxable wages and your state and City wages are reduced because of your TDA contributions. You file your federal, state, and city tax returns on the lower reported wage amount.

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The amount from Box 7 is already included in the Box 1 amount. In most cases, the information that your employer lists in Box 14 of your W-2 does not affect your income tax return. In fact, for many Box 14 entries, the IRS does not even provide a place for it to get reported on your return forms. DD– The cost of employer-sponsored health coverage.The amount reported with Code DD is not taxable.This requirement does not apply to multi-employer health plans. A multi-employer plan is an employee benefit plan that covers employees at two or more financially unrelated organizations. For tax reporting purposes, wages are reported in the calendar year in which they are paid, rather than when they are earned.

Service Units

By authorizing H&R Block to e-file your tax return, or by taking the completed return to file, you are accepting the return and are obligated to pay all fees when due. DE, HI and VT do not support part-year/nonresident individual forms. Most state programs available in January; software release dates vary by state. State e-File for business returns only available in CA, CT, MI, NY, VA, WI. Box 12 — Various Form W-2 codes on box 12 reflect different types of compensation or benefits. This is one of the more complex W-2 boxes, with codes ranging from A to HH. Box 8 — Shows tip income allocated to you by your employer.

  • Visit IRS.gov/forms, click on the search icon at the top of the page and enter “instructions for Form W-2” to find the document that contains this information.
  • The IRS does not care who contributed them, you, your employer, or both.
  • The lettered boxes on a W-2 include the name and address of you and your employer, your Social Security number, and your employer’s EIN and state ID number.
  • DE, HI and VT do not support part-year/nonresident individual forms.
  • It does not provide for reimbursement of any taxes, penalties, or interest imposed by taxing authorities and does not include legal representation.

DCP‐CAS is the Defined Contribution Plan for limited status employees, who are not members of the UC Retirement Plan. If you had any DCP deductions at any time during the year (DCP‐CAS, DCP‐REGULAR or both) Box 13 will be checked. The only exception to DCP deductions are for students who are enrolled at least half time during academic sessions or non‐resident aliens who are present in the U.S. under the F‐1 or J‐1 visa programs. If Box 3 and Box 4 are left blank, you may be contributing to DCP Safe Harbor . If you are contributing to this plan, deductions are not taken for Social Security and there is nothing to report.

Box 19 – Local income tax withheld

For employees paid monthly, December earnings are paid on the first banking day in January and are therefore reported in the new tax year. Similarly for employees paid biweekly, hours worked in December may not be paid until January, and are not reflected on your W-2. Contributions to DeCAP are not subject to federal, social security, and Medicare taxes.


https://intuit-payroll.org/ Advance A 0% interest loan of up to $3,500 received within minutes of filing, if approved. File with a tax pro At an office, at home, or both, we’ll do the work.

Why aren’t my December earnings reflected in my W‐2?

When your employer has your PPSN, they can then request a Revenue Payroll Notification . This will show your total tax credits, tax rate band and Univeral Social Charge rate band. Your employer can then make the correct tax deductions from your pay and take you off Emergency Tax. Generally, the amount in Box 14 is for informational purposes only; however, some employers use Box 14 to report amounts that should be entered elsewhere on your return. G–Elective employee deferrals to a section 457 deferred compensation plan. Social Security wages had an annual maximum taxable wage base of $147,000 in 2022.

Is Box 12 dd deductible?

Many employers are required to report the cost of an employee's health care benefits in Box 12 of Form W-2, using Code DD to identify the amount. This amount is reported for informational purposes only and is NOT taxable.

The Nonresident Alien FICA exception under Section 3121 exempts an NRA employee in F-1, J-1, Q-1 status.What does it mean if I try to retrieve my W-2 and it says I do not have one? This means that you most likely will receive a 1042-S form if you had earnings during the year. 12 DD – Cost of Employer-Sponsored Health Coverage. This is the cost of your employer sponsored health coverage.

What is considered W-2 income?

This is Seton Hall University’s state taxpayer identification number. Codes are used on the W-2 to represent the different types of information presented. As an employee, your employer must give you a Form W-2 by January 31.

  • Your W-4 was used to determine the tax withholding rate.
  • A W‐2C is not, however, required for a change of address.
  • If Box 3 shows an amount over the wage base, ask your employer correct your W-2.
  • Find this online tool by visiting IRS.gov and searching for “tax withholding calculator.”
  • Just enter Box 14 on that line and it will appear on your W-2 come year end.

These Explain The Difference Between Box 14 & 12 On An Irs Return white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. This box was used to reflect a now-defunct tax perk, so it is left empty. Non-taxable moving expenses for which you were reimbursed directly .