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W-2

Each year, employees receive a Form W-2 that provides details of the prior year’s earnings, taxes withheld, and other miscellaneous data (such as the taxable cost of group term life insurance, the cost of employer-sponsored health coverage, and contributions to retirement or tax-deferred savings plans).

W-2 forms will be mailed out by the deadline of January 31. If you have enrolled in the online version (preferred method), you can have access to the W-2 form almost two weeks before that date. If you have any questions or require assistance with this form, please contact the Payroll Office at 757-221-2848.

Page Contents
Form W-2 Explained
  • Box 1 (Wages, Tips, Other Compensation): This is your total taxable wages for federal income tax purposes. This figure includes your regular wages, bonuses, and any taxable fringe benefits (such as education benefits greater than $5,250), rewards and recognition, gifts, taxable moving expenses, as well as the taxable value of group-term life insurance over $50,000 (see box 12, below).
    • The amount in Box 1 will generally be the “YTD Gross” under the Summary section of your final earnings statement, minus any pre-tax deductions such as health/dental/vision insurance, flexible spending accounts, retirement and tax-deferred savings plans, etc. The “YTD Gross” is the sum of the Year to Date (YTD) amounts under Hours and Earnings.

    • Why does the amount in Box 1 not match the total gross earnings on my last paystub of the year?

      The W-2 Box 1 amount represents the federal taxable wages. Federal taxable wages are Gross Earnings minus pre-tax deductions such as health/dental/vision insurance, parking, retirement, and FSA Medical and Dependent Care.

  • Box 2 (Federal Income Tax Withheld): This amount represents the total amount withheld from your paycheck for federal income taxes.
  • Box 3 (Social Security Wages): This represents income subject to Social Security tax. There is a Social Security wage base each year; once you earn up to that amount, you will no longer have deductions for Social Security tax. Social Security wages are reduced by pre-tax deductions such as health/dental/vision insurance, parking, and flex spending but not reduced by your contributions to a retirement plan (403b or 457.)
    • The only applicable exceptions are W&M students working at W&M while enrolled at least half-time and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1, or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.

    • Why doesn’t the amount in Box 3 agree with the total Gross Earnings on my last earnings statement of the year?

      The W-2 Box 3 amount represents taxable wages subject to Social Security taxes; this differs from your Gross Earnings because certain deductions reduce your Social Security taxable wages, such as the pre-tax medical/dental and vision insurance, pre-tax parking deduction, FSA Medical, and Dependent Care. Retirement and Tax-Deferred Savings Plans do not reduce your Social Security taxable wages. There is also a cap on Social Security taxable wages each year. Employees who have earnings over this cap will no longer have a deduction for Social Security tax for the remainder of that year.

  • Box 4 (Social Security Tax Withheld): This amount represents the total amount withheld from your paycheck for Social Security taxes. The Social Security tax rate is 6.2%. A matching amount of 6.2% is paid by W&M. The only applicable exceptions are W&M students working at W&M while enrolled at least half-time and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1 or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.
  • Box 5 (Medicare Wages and Tips): This represents income subject to Medicare tax. There is no maximum wage base for Medicare taxes. Medicare wages are reduced by pre-tax deductions such as health/dental/vision insurance, parking, and flex spending but not by your contributions to a retirement plan (403b or 457).
    • The only applicable exceptions are W&M students working at W&M while enrolled at least half-time and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1, or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.

    • Why doesn’t the amount in Box 5 agree with the total Gross Earnings on my last earnings statement of the year?

      The W-2 Box 5 amount represents taxable wages subject to Medicare taxes; this differs from your Gross Earnings because certain deductions reduce your Medicare taxable wages, such as the pre-tax medical/dental and vision insurance, pre-tax parking deduction, FSA Medical and Dependent Care. Retirement and Tax-Deferred Savings Plans do not reduce your Social Security taxable wages. Medicare Taxable Wages do not have a cap amount in the year.

  • Box 6 (Medicare Tax Withheld): This amount represents the total amount withheld from your paycheck for Medicare taxes. The Medicare tax rate is 1.45%, and W&M pays a matching amount of 1.45%. Once you earn $200,000 annually, the employee pays an additional .9%, for a total of 2.35%.
    • The only applicable exceptions are W&M students working at W&M while enrolled at least half-time and attending classes, as well as nonresident alien employees visiting the U.S. for a limited period on F-1, J-1, M-1, or Q-1 visas and performing services to carry out the purpose for which such visas have been issued.
  • Boxes 7 & 8 (Social Security Tips and Allocated Tips): These do not apply to W&M employees.
  • Box 9: Blank; Field not used.
  • Box 10 (Dependent Care Benefits): This amount represents any amount reimbursed for dependent care expenses through a flexible spending account. W&M must report the pre-tax amount paid into a dependent care flexible spending account as part of the university’s Benefits Plan. Only dependent care benefits are reportable in this box.
  • Box 11 (Nonqualified Plans): This does not apply to W&M employees.
  • Box 12
    • 12 C (Taxable Cost of Group-Term Life Insurance - GTL): The calculated value of group-term life insurance over $50,000 has been added into Box 1 as “other compensation.”
    • 12 E (Section 403(b) Salary Reductions): This represents your total elective deferrals to TIAA/Fidelity retirement plans.
    • 12 G (Section 457(b) Contributions): Any amount you contributed to the Commonwealth’s Tax Deferred Savings Plan.
    • 12 P (Excludable Moving Expense Reimbursements): You were reimbursed directly for non-taxable moving expenses (not included in taxable wages in Box 1).
    • 12D.D.D (Cost of Employer-Sponsored Health Coverage): This is the cost of your employer-sponsored health coverage. The amount reported is not taxable; this represents the employer-paid portion of health insurance premiums and is for informational purposes only.
  • Box 13: The “Retirement plan” block will be checked if you contributed to any of W&M’s tax-deferred options or if you were a participant in W&M’s Optional Retirement Plan or the Commonwealth’s defined benefit plan through the Virginia Retirement System (VRS). By checking the “Retirement plan” block, an employer notifies the IRS that an employee’s eligibility for a deductible Individual Retirement Arrangement (IRA) is limited.
  • Box 14 (Other): An employer may use this box to report any additional tax information (e.g., taxable auto allowance.)
    • 14A: Employee Paid Health Premium
    • 14B: Parking Deductions
    • 14C: Others (Flex deductions and fees, VRS employee contributions)
  • Box 15 (State/Employer’s State ID Number): This box reports the W&M’s state and state identification number for taxation purposes.
  • Box 16 (State Wages, Tips, etc.): This amount represents the total taxable wages earned in that state.
  • Box 17 (State Income Tax): This amount represents the total of state income taxes withheld from your paycheck for the wages reported in Box 16.
  • Boxes 18, 19 & 20 (Local Wages, Local Income Tax, and Locality Name): These boxes apply to out-of-state employees only whose tax residency states collect local income taxes.
Electronic Access

The benefits of receiving an online W-2 form are:

  • Earlier access
  • Once received electronically, there is significantly less possibility that the W-2 may be lost or stolen.
  • Access from any location with Internet availability
  • Environmental impact
Consent to Receive Electronic W-2

Employers must comply with specific Internal Revenue Service (IRS) regulations (26 CFR 31.6051-1) to issue electronic W-2s by employees consenting to receive an electronic W-2 instead of a paper copy. This notice contains the required IRS Disclosure Statement and Instructions for you to consent to access your W-2 electronically instead of receiving a paper copy. W&M employees will be able to complete their consent form through the following:

  1. Access ESS by visiting myW&M and selecting the Banner icon. Select the “Employee” tab and then “Tax Forms.”
  2. Select “Electronic W-2 Consent.”
  3. On this screen, check the box to consent to electronic transmittal of your W-2.
  4. Select “Submit” (at the bottom of the screen). Please note that the system will NOT display an acknowledgment page. “Electronic W-2 consent was submitted successfully” will appear at the top of the page.
Withdrawal of Consent

An employee may withdraw their consent at any time. Consent withdrawn by employees is effective only for those W-2s not yet issued and does not apply to previously issued Forms W-2. To withdraw your consent, you may change your selection in Employee Self-Service to receive a paper copy.

Terminated Employees

W&M can only provide paper W-2s to terminated employees. Access to electronic W-2s is removed upon employment termination. The employee is responsible for notifying Human Resources of any change of address to ensure the correct forwarding of all correspondence from W&M, including W-2s.

Request for Duplicate Form W-2

All active employees of W&M can view and print their earnings statement (pay stub) by logging in to Banner Self-Service. You can access Self Service by logging in to myW&M and clicking the Banner icon. Terminated employees should email [[payofc]] and ask for the link to submit their request for a duplicate document. 

Lost/Misplaced Forms

No reprints will be provided to current employees who signed up for electronic W-2s because an identical W-2 reprint can be downloaded from Employee Self-Service. Employees still receiving paper W-2s must email [[payofc]] requesting a copy. Reissues will be printed 5 to 7 days after receiving the requested, depending on the payroll schedule. 

Frequent W-2 Questions
Why don’t I have any Social Security or Medicare Wages reported on my W-2 form?

Students of W&M who are enrolled on at least a half-time schedule are exempt from Social Security and Medicare taxes. Certain foreign nationals on specific visas are also exempt from these taxes.
The address on my W-2 Form is incorrect. Do I need a corrected W-2 form?

No, address changes do not require a corrected W-2 form. But please ensure you go into Employee Self-Service (ESS) and update your address for all future correspondence.
Are all days worked in December included in my current year’s W-2 form?

For tax reporting purposes, wages are reported when they are paid rather than when they are earned. Any December days worked and not actually paid in that month are considered earnings in the next year.
My salary is higher this year than last, yet my W-2 earnings are lower this year. What could be the issue?

You should ensure that your pre-tax deductions (e.g., Health insurance, retirement, etc.) have not changed drastically from one year to the next. Also, check to see if you received any bonus in the prior year that would have increased your total gross pay. If you did not receive a bonus in the current year as well, it would appear that you earned less in the current year despite having a higher base salary.