How to Read Your 2004 W-2 Form
Employees need to check to see if their Social Security number in box D is correct and if their name and address are spelled correctly and current in boxes E and F.
Box 1 - Gross Wages - shows the total wages and other compensation before any payroll deductions for the calendar year. This is the gross total of your payroll checks for the entire year less any tax sheltered amounts you may have had deducted for TRS contributions, 403(b) and/or 457 contributions. It should be more than your net pay and less than your real, gross salary amount for the year.
Box 2 - Federal Income Tax - shows the total Federal income tax withheld from your checks during the year
Boxes 3 & 4 - Social Security Wages and Amount Withheld - will be blank because we do not pay Social Security.
Box 5 - Medicare Wage - shows the amount of wages subject to Medicare tax. Some employees will have an amount here, some will not. If you were hired after 1984, you should have a figure in this box. If you are 1984 or earlier, you probably will not have an amount in this box.
Box 6 - Medicare Tax Withheld - shows the total Medicare tax withheld. This amount is mot reduced by any advance Earned Income Credit (EIC) payment. This amount is 1.45% of amount in Box 5 .
Boxes 7 and 8 - will be blank.
Box 9 - Advance EIC Payments - shows the total paid as Advance Earned Income Credit (EIC) payment, if any. We have a few employees that will have an amount in this box, but not very many.
Boxes 10 and 11 - Dependent Care Benefits and Non-Qualified Plans - will be blank. Substitute employees who have terminated from the district and have received a distribution on their 457 plan will receive a 1099 from ING.
Box 12 - May show a code and a dollar amount. The code will usually be "E" (elective deferrals under section 403(b) salary reduction agreement) or "G" (elective deferrals for section 457(b) deferred compensation plan.
Box 13 - will have an "X" in the Retirement Plan box if you are an active full time employee and not a substitute employee.
Box 14 thru 20 - will be blank.
If you see anything on your W-2 that doesn't look right to you, hurry in to the Payroll Department in the Administration Building and we will do what we can to fix it. But do it by January 31 or else it's too late to correct!
Prepared by David Webb and Allen Schoppe, La Porte ISD Business Office.