Understanding Your W-2 - Commonly Asked Questions
Q – What do the amounts in Box 10, 12, and 14 mean?
A – These boxes contain the following figures if applicable:
Box 10 Dependent care plan – Dependent flexible spending account
Box 12, Code E Retirement contribution amount (not mandatory).
Box 12, Code C Group term life taxable amount
Box 12, Code P Non-taxable moving expenses
Box 12, Code DD Healthcare Coverage (cost of Medical Insurance coverage – if applicable)
Box 14, 125PL Total amount of benefits deducted on a pretax basis (medical, vision, etc.)
Box 14, CAR Taxable personal use of company car
Box 14, RTRM Mandatory 2% retirement contribution.
Box 14, LST LST amount (Refund possible if you earned under $12,000. See LST question below).
Q – Why do I have so many copies?
A – Some of you may have received 2 pages (8 copies) of W-2 Forms. A W-2 has limited space allowed for local tax codes and/or Box 14 codes. If you have over two local tax codes or over three codes in Box 14, you will receive a second W-2 with only the additional amounts for the additional items. When submitting the W-2s with your tax returns, you should send along one W-2 from each page in order to accurately report your earnings.
Q – How do I get a reprint of my W-2?
A – Did you know you may now view your official W-2 electronically? If you need additional copies of your W-2, please consent to electronic W-2’s and view/print them from WebAdvisor. If you are no longer an employee of Juniata, and need additional copies of your W-2’s please contact the PayrollOffice@juniata.edu for the form to complete. Replacement W-2’s will not be printed until early March.
Q – Why do I have local taxes withheld?
A – Anyone who works in Pennsylvania (PA) has local tax withheld, whether or not you are a resident of PA. If you are a resident of PA you will file your taxes with the local tax office that handles the local taxes for your area. If you are not a resident of PA or live in one of the following counties: Juniata, Perry, Huntingdon, Fulton and Somerset then you will file an Earned Income Tax Return (Form 531) with Capital Tax Collection Bureau. You may contact their office at (717) 234-3214 or (814) 514-5033 if you need assistance filing your local taxes. They also allow for electronic filing via www.captax.com. Please note failure to file your local taxes may subject you to a $500 fine as well as additional costs of collection.
Q – Should I have paid LST (Local Services Tax)? or Did I overpay the tax?
A – LST is a tax withheld for working in Pennsylvania, totaling $52 per year. If you have multiple employers only one employer should withhold the tax. When Juniata withholds the tax it is split into two parts, Borough – HLST on your pay statement ($47) and School District – HLSD on your pay statement ($5). Employees earning under $12,000 are exempt from the $47 portion of the tax. Employees earning under $2,000 are exempt from the $5 portion of the tax. Employees with multiple jobs or earnings under the limits shown should complete an Exemption form otherwise the tax must be withheld from your pay. More information about the LST tax is posted under Helpful Payroll Information on the payroll webpage http://www.juniata.edu/services/finance/payroll/, including the refund request form.
Q – How do I reconcile my W-2 with my last paycheck?
A – Use your last pay statement to reconcile your W-2 by beginning with your Year to Date Gross amount listed and doing the following calculations:
State (Box 16) and Local (Box 18) Wages: Gross then subtract Boxes 10, 14 - 125PL, and any bonus or award amount that you may have received. The amounts in your state and local wages boxes should match.
Medicare (Box 5) and Social Security (Box 3) Wages: Gross then add Box 12 – Code C, 12 - Code G and Box 14 - CAR; then subtract Boxes 10, and 14 – 125PL. The social security wage limit is $117,000 for 2014. This is the maximum amount that will be reported in Box 3, regardless of the amount in Box 5, otherwise Box 3 and 5 should match. Students will only have Medicare and Social Security withheld if they worked at Juniata during the summer break.
Federal (Box 1): Gross then add Box 12 - Code C and Box 14 - CAR; then subtract Boxes 10, 12 – Code E, 14 – 125PL and 14 – RTRM.
If you have any questions please contact Melinda Bowser, Payroll Specialist 814-641-3303 or via e-mail firstname.lastname@example.org