Tax Forms 

Form W-4 is used to elect withholdings on your paycheck. Employees will complete a W-4 upon the hiring process. Subsequent changes to withholdings can be completed through Workday.

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Updating Tax Withholding Elections

 

W2's

For a duplicate copy of your W2 please contact payroll.  

When and how will I receive the paper Form W-2?

  • Current employees/students – Your Form W-2 will be delivered to your department/Smith Union box by January 31st.
  • Former employees – Your Form W-2 will be mailed to the address on file by January 31st.
  • Alumni and former student employees – Your Form W-2 will be mailed to the address on file with Human Resources by January 31st.

How do I obtain a duplicate Form W-2?

If you misplace or do not receive your Form W-2, please contact payroll for a duplicate copy.  

Can you walk me through the various Form W-2 boxes?

Please refer to “How to Read Your Form W-2”.

What if my name and/or social security number is incorrect on my Form W-2?

Please contact Lynne Toussaint (ltoussai@bowdoin.edu / 207-725-3843) in the Controller’s Office so that a Form W-2C (Corrected Wage and Tax Statement) may be issued to you.

What if my address is incorrect on my Form W-2?

An incorrect address does not invalidate your Form W-2 and does not require a corrected Form W-2. Since it is essential that our HR/Payroll system has your correct address, please update your address through Workday.

Why aren't all of my December earnings reflected in the Form W-2?

For tax reporting purposes, wages are reported when they are paid, rather than when they are earned. (e.g., hours worked within pay period 12/17/12-12/30/12 were paid on 01/04/13; they will be included in 2013 earnings.)

What are pre-tax deductions?

Pre-tax deductions are any amounts deducted from your gross earnings prior to tax calculations. They include 403(b) SRA retirement plan contributions, health, dental, short term disability and supplemental life insurance benefits, and flexible spending accounts.

The top section of the Form W-2 explains how the Form W-2 wages are calculated; what do Deferred Comp. and Sect. 125 Plan mean?

Deferred Comp: This is the sum of your 403(b) SRA retirement deductions (e.g., SRA Fidelity, SRA Vanguard, and SRA Amer Cent); this amount appears within the “Pre-Tax Items” section of your paystub.

Sect. 125 Plan: This is the sum of your medical, dental, short term disability and supplemental life insurance pre-tax deductions; the detail appears within the “Pre-Tax Items” section of your paystub.

Why does the amount in Box 1 not reflect my total earnings for the year?

The Form W-2 Box 1 amount represents federal taxable wages and other compensation. This would be different than the Gross Earnings on your paystub due to items that either decrease or increase your federal taxable wages such as FSAs for Medical and/or Dependent Care, health and dental insurance deductions, 403(b) SRA contributions, and group term life. Below please find a list of deductions/adjustments that impact your gross earnings for tax reporting purposes:

Excludes:

  • SRA Fidelity, SRA Vanguard, SRA Amer Cent
  • Medical EE, EC, ES, FF
  • Dental EE, EC, ES, FF
  • Supplemental life insurance
  • STD A

Includes:

  • Group Term Life (GTL) premium value – this is the value of group term life insurance in excess of $50,000.

Why are my Box 1 wages (Federal) less than my Box 3 wages (Social Security) and Box 5 (Medicare) wages?

Box 1 (Federal)

Excludes:

  • Medical (MEDICAL EE, EC, ES, FF)
  • Dental (DENTAL EE, EC, ES, FF)
  • Supplemental life insurance (SUPP LIFE EE)
  • Short term disability (STD A)
  • 403(b) SRA contributions (SRA Fidelity, SRA Vanguard, SRA Amer Cent)

Includes:

  • Group term life (GTL)

Box 3 (Social Security) and Box 5 (Medicare)

Excludes:

  • Medical (MEDICAL EE, EC, ES, FF)
  • Dental (DENTAL EE, EC, ES, FF)
  • Supplemental life insurance (SUPP LIFE EE)
  • Short term disability (STD A)

Includes:

  • Group term life (GTL)

What is reported in Box 12?

Box 12 may include a code with an associated amount. The most common codes reported on a Form W-2 issued by Bowdoin College are:

  • C – Taxable value of group-term life insurance over $50,000 (included in boxes 1, 3 (up to social security wage base), and 5)
  • E – Elective deferral under a section 403(b) salary reduction agreement
  • BB – Designated ROTH contributions under a section 403(b) plan
  • DD- Cost of employer-sponsored health coverage. The amount reported within Code DD is NOT taxable.

Why are the costs of employer-sponsored health coverage reported on my Form W-2? And, is it taxable?

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. This reporting is for information purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage. The amount reported includes both the portion paid by the employer and the portion paid by the employee. For more information, please refer to IRS.gov and/or IRS’ You Tube video.

What is Group Term Life and why is it reported on my Form W-2?

The value of employer-provided group-term life insurance up to $50,000 is excluded from an employee’s income. The value of coverage in excess of $50,000 must be included in the employee’s income.