How to Read Your W2

W2 Status
The letters and numbers listed below coordinate to the letters and numbers listed in the boxes on your W2 form.

a. Employee’s social security number

This is the employee’s social security number. The social security number must match the employee’s social security card. If there is a discrepancy, contact Payroll Accounting at (801) 585-0382.

b. Employer Identification Number (EIN)

This number is the University of Utah’s federal tax identification number.

c. Employer’s name, address, and ZIP code

This is the University of Utah’s name, address, and ZIP code.

d. Control number

N/A

e&f.  Employee’s name, address and zip code

This is the employee’s name, address and zip code. A corrected W-2 is not required for an address change.

(Note: Changes to address can be made via Change Your Home Address page on the Tax Services and Payroll Accounting website.)

1. Wages, tips, other compensation

This figure includes all federally taxable income received from the University in the calendar year 2023; December 16, 2022 thru December 15, 2023.

Includes:

– Wages (gross wages payments less tax deferred and tax excluded amounts such as retirement amounts, flexible spending account, parking, and salary deferrals i.e. 403(b) or 457 contributions.)

– Taxable tuition reduction

– Moving Allowance

Excludes:

– 403(b) contributions

– 457 contributions

– Employee paid health care (reported as Health/Flexible Spending Account)

– Dependent care

– Parking Permit

Box 1 represents the taxable wages amount that is reported on the employee’s annual tax return.

2. Federal income tax withheld

This figure includes all federal taxes withheld from University paychecks in the calendar year 2023.

3. Social security wages

This figure includes all social security taxable income for University paychecks in the calendar year 2023. The social security tax maximum amount for 2023 was $160,200.00.

This amount will include box 1, plus 403(b) and 457 salary deferrals, up to the social security maximum.

4. Social security tax withheld

This figure includes all social security taxes withheld from University paychecks in the calendar year 2023. This tax is noted as FED OASDI/EE on your paycheck. This equals box 3 times 6.2%. For 2023, the amount should not exceed $9,932.40($160,200.00 x 6.2%)

5. Medicare wages and tips

This figure includes all Medicare taxable income for University paychecks in the calendar year 2023. There is no maximum amount for Medicare taxes. This amount will include box 1, plus 403(b) and 457 salary deferrals.

6. Medicare tax withheld

This figure includes all Medicare taxes withheld from paychecks received from the University in the calendar year 2023. This tax is noted as FED MED/EE on the paycheck. This equals box 5 times 1.45%.  If wages are in excess of $200,000 then add 0.9% of wages in excess of $200,000 for additional Medicare tax.

7. Social security tips

N/A

8. Allocated tips

N/A

9. (blank)

10. Dependent care benefits

The amount deducted from your pay before taxes and deferred to a dependent care flexible spending account.

11. Nonqualified plans

Includes payment of nonqualified deferred compensation included in box 1 and also boxes 3 and 5.

12. Elective deferrals

Code E-elective deferrals under a 403(b) salary reduction agreement.

Code G-elective deferrals to a 457(b) deferred compensation plan.

Code BB-designated Roth contributions under a section 403(b) plan.

Code DD – Cost of employer-sponsored health coverage. This amount is not taxable.

13. Retirement plan

The retirement plan box is checked if the employee is eligible for any University paid retirement plan or the employee actually participated in a salary reduction arrangement under 403(b) or 457.

14. Other

The following items are deducted from the taxable gross wages and are not included in the amount located in Box 1:

  • Health/FSA – The amount deducted from your pay before taxes for health care and dental coverage premiums and/or deferred to a health flexible spending account (this amount is not taxable and is not included in your taxable compensation shown in Box 1)
  • PARK – Amounts deducted from your pay before taxes to pay for University parking permits (this amount is not taxable and is not included in your taxable compensation shown in Box 1)

The following items are added to the taxable gross and are included in the amount in Box 1:

  • EXLI – Amounts paid by the University for executive life insurance (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • CCAR – Amounts paid by the University for an automobile allowance (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • UME – Amounts paid by the University for a moving allowance (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • TUI – The amount of tuition reduction benefit you received for yourself, a spouse, or child that is taxable to you (this amount has been added to your taxable compensation shown in Box 1); tuition reduction benefits you received that are not taxable are not included on your W-2
  •  NRA – Amounts paid by the University for legal fees on your behalf  (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • GIFT – Amounts you received from the University as gifts or awards (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • Sick leave wages subject to the $511 per day limit – Amounts you received from the FFCRA due to COVID-19 (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • Sick leave wages subject to the $200 per day limit – Amounts you received from the FFCRA due to COVID-19 (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)
  • Emergency family leave wages – Amounts you received from the FFCRA due to COVID-19 (this amount is taxable to you and has been added to your taxable compensation shown in Box 1)

15. State and employer’s state I.D. number

This is the state and state identification number for the University of Utah.

16. State wages, tips, etc

This figure includes all state taxable income from paychecks received from the University in the calendar year 2023 (December 16, 2022 thru December 15, 2023). This amount will equal box 1.

17. State Income Tax

This figure contains all State taxes withheld from University paychecks in the calendar year 2023.

18. Local wages, tips, etc.

The state of Utah does not have local wages, tips, etc.  If a state other than Utah, amount will be reported if applicable.

19. Local income tax

The state of Utah does not have local income taxes. If a state other than Utah, amount will be reported if applicable.

20. Locality name

The state of Utah does not have locality taxes. If a state other than Utah, amount will be reported if applicable.