| Subject |
2003
W-2 Year-End Processing |
| Purpose |
To
provide the 2003 W-2 Year-End processing schedule and policies. |
| Year-End
Processing Schedule |
Employees'
copies of 2003 W-2 forms will be prepared by the Office of the State
Comptroller (OSC) and mailed to Agency Payroll Offices for their
distribution before February 2, 2004.
W-2s for the 2003 calendar year will include earnings paid in checks
dated:
| Institution: |
1/09/2003 through
12/24/2003 |
| Administration: |
1/15/2003 through
12/31/2003 |
In most circumstances, an employee who has worked for more than one State
agency during the year will receive one W-2. Workers' Compensation
supplemental payments will continue to be included on the W-2
statements.
NOTE:
In order to be included in the 2003 W-2s, AC-230s for calendar year 2003
must be received by OSC no later than 12/31/2003 for the Institution cycle
and no later than 1/07/2004 for the Administration cycle. If these
deadlines are not met, Agency Payroll Offices will need to prepare
corrected W-2 forms.
Refer to Payroll bulletin 430 for the AC-230 processing schedule. |
| 2003
W-2 Form |
The
information which will appear on the W-2 is described below:
| Box 1 |
Wages, Tips
and Other Compensation |
|
Federal taxable
wages. |
| Box 2 |
Federal
Income Tax Withheld |
|
Total federal
income tax withheld. |
| Box 3 |
Social
Security Wages |
|
Wages subject to
Social Security taxes, not to exceed $87,000.00. |
| Box 4 |
Social
Security Tax Withheld |
|
Social Security
tax deducted, not to exceed $5,394.00. |
| Box 5 |
Medicare
Wages |
|
All wages subject
to Medicare taxes. There is no salary cap on Medicare wages. |
| Box 6 |
Medicare
Tax Withheld |
|
Medicare tax
deducted. |
| Box 9 |
Advance EIC
Payments |
|
Total earned
income credit paid to an employee. |
| Box 10 |
Dependent
Care Benefits |
|
Total dependent
care deductions. |
| Box 12 |
Codes
(Amounts not included in Box 1) |
|
E - Section
403(b) contributions |
|
G - Section
457(b) deferred compensation plan |
|
P - Excludable
moving expense reimbursements (not included in boxes 3 and 5) |
| Box 13 |
Checkbox |
|
[ ] Retirement
Plan [ ] Third Party Sick Pay |
| Box 14 |
Other |
|
Amounts to be
reported: |
|
| 414
(H) |
All
non-taxable retirement contributions made to New York State or
City Retirement Systems or to TIAA/CREF. This amount 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 - This code is used for the lease value of an
employer-provided vehicle. |
| 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
the NYS Workers' Compensation Board, which is excluded from
the gross pay for the current year for a work-related injury. |
| IRC125 |
City
University of New York (CUNY) employees only - This amount
includes Dependent Care, Flexible Spending Account, and
Non-Taxable Health Insurance and is excludable for Federal
Income tax, FICA and Medicare taxes, and is not included in
Boxes 1, 3, and 5. This amount must be reported for State and
Local taxes. |
| TPS |
The amount
of sick pay paid by a third party |
|
| Box 15 |
State
Employer's State |
|
A two-letter code
from the list below indicating which State income taxes were
withheld. |
|
NY - New
York
IL - Illinois
DC - District of Columbia
VA - Virginia |
| 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. |
| Box 18 |
Local Wages |
|
The total Local
wages are reported in this box. New York City wages are on the top
line and Yonkers wages are directly below in the same box. For a
part-year New York City resident, the amount reported is only for
that period during which the employee was a New York City resident.
The Yonkers wages are the same amount as the State wages. |
| Box 19 |
Local
Income Tax |
|
The total Local
taxes withheld are reported in this box. New York City tax withheld
is on the top line and Yonkers tax withheld is directly below in the
same box. |
| Box 20 |
Name of
Locality |
|
The name of the
locality if local income tax was withheld for New York City and /or
City of Yonkers. |
| Employer's
Name and address |
This information will be printed
on all copies of the W-2 and includes the New York State Federal ID #
(14-6013200), City University Federal ID # (13-3893536), NYS Environmental
Facilities Corporation Federal ID # (14-1499804), NYS Science and
Technology Federal ID # (14-1491323), SUNY Construction Fund Federal ID #
(14-6019701) or Industrial Exhibit Authority Federal ID # (16-1332929).
|
Additional
Employee Information
Taxable Gross Calculations |
Employees
in agencies other than CUNY should retain their last check stub/advice
statement of 2003 for a record of their Non-Taxable Health Insurance paid
in 2003. Although this amount is deducted from Boxes 1, 3, and 5 to
calculate the taxable salary for Federal income tax and Social Security
and Medicare taxes, the amount paid for health insurance in 2003 does not
appear on the W-2.
For CUNY employees, deductions for Dependent Care, Flexible Spending
Account and Non-taxable Health Insurance are reported as IRC125
in Box 14. |
| W-2
Distribution |
OSC
is in the process of updating its distribution listing for the mailing,
pickup or special handling of the 2003 W-2s.
The distribution procedure is the same one used for employees' direct
deposit advices (excluding the pilot mailing agencies). If OSC
currently mails your direct deposit advice statements, your 2003 W-2
statements will be mailed. Agencies that currently pick up advice
statements will be contacted to pick up 2003 W-2 statements.
If your agency does not want the 2003 W-2s distributed in the same manner
as your direct deposit advice statements or if your agency is responsible
for multiple agency codes and you prefer the W-2 distribution handled
differently than the current direct deposit distribution, please send request to the Payroll Deductions mailbox.
|
| W-2
Corrections
|
If a W-2 correction is needed, agencies
should not release the corrected W-2 to an employee until the correction is
approved by OSC.
|
| Questions
|
Questions regarding the W-2, the W-2
correction process and the AC-230 process may be directed to the Payroll Deductions mailbox. |
Attachment
- Additional Employee Information |
