Tax & W-2 Information
For additional information, please refer to the Tax and W2 FAQs
page on the Payroll Department website.
Wage Bases & Limitations
||SOCIAL SECURITY (OASDI) TAXABLE WAGE BASE
||QUALIFIED PARKING MONTHLY LIMITATION
||ADDITIONAL MEDICARE TAX
||Beginning in January 2013 individuals whose annual wages and compensation paid is in excess of $200,000 will be subject to an additional 0.9% Medicare Tax. The additional withholding will be reflected in the pay period in which an employee’s compensation exceeds this threshold. More information
How To Read Your W-2 Form
Deductions for health insurance, dental insurance, the retirement health fund, DCAP, 403(b) plan contributions, 457 plan contributions, and retirement contributions are non-taxable. Please see your final check stub from December for year-end deduction totals.
||Wages, Tips and Other Compensation
||Your reportable income for federal income tax purposes. This figure is calculated by subtracting your total before-tax deductions (see above **) from your total gross earnings.
||Social Security Wages
||Your wages (up to $118,500) that are subject to social security tax. This figure represents your total gross earnings:
- Less deductions for health insurance, dental insurance, and the retirement health fund.
- Less student labor, work-study, and graduate payroll payments earned during the academic year.
- Plus the 1% contribution UConn pays for AAUP employees who have State retirement plans.
||Dependent Care Benefits
||The amount deducted for the Dependent Care Assistance Program (DCAP).
||Your contributions to a Roth 403(b) plan (tax sheltered annuity).
||The aggregate employee and employer cost of your medical and prescription benefits (not including dental insurance).
||Your contributions to a 403(b) plan (tax sheltered annuity).
||Your contributions to a Roth 457 plan (deferred compensation).
||Your contributions to a 457 plan (deferred compensation).
||Non-taxable moving expense reimbursements.
||Contributions to your retirement plan.