2008 IRS Tax Update:

The social security wage base for 2008 is $102,000. There is no wage base limit for Medicare tax. The tax rate remains 6.2% for social security and 1.45% for Medicare tax.

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2007 W2 Information

Your official 2007 W2 was mailed on Monday, January 28, 2008 to your mailing address in Banner. In addition, you may view your W2 in Banner Web for Employees.

You can view your W2 information on Web for Employees using the following instructions:

1. Login to Web for Employees*
2. Click on Employee Services
3. Click on Tax Forms
4. Click on W2 Year End Earnings Statement
5. Select the tax year and click on display
6. You should now be able to view your W2
7. To print your W2, go to File, Print on your menu bar

Note that the above will provide you with information about your W2. This is not the official version for tax filings. If you need an official version for tax filings, please call the Payroll Office at 781-283-2248.

* Detail instructions on how to log into Web for Employees

1. You must have a PIN in order to access your system. For faculty & staff, please contact Mary Hackett in Human Resources to obtain your PIN.
2. Go to Wellesley homepage www.wellesley.edu
3. Place your cursor over Especially for Faculty & Staff, you should then see a menu pop up, select Web for Employees (Banner)
4. On the top of the page, click on "Access to Web for Employees is available by clicking here"
5. Click on "Student, Faculty, and Staff - click HERE to Log In"
6. Under User ID, enter your Banner ID or your social security number.
7. Under PIN, enter your PIN
8. Click on the box "Login"
   

Here are some common frequently asked questions on W2s:

Q: Why is my taxable income different than the year-to-date income on my pay stub?

For most employees, your federal and state taxable income (Box 1 and 17) are determined by taking your gross income and subtracting your pre-tax deductions (health, dental, dependent care, medical, and SRA) and adding your imputed income i.e. life insurance coverage reported in Box 12C of your W2.

Q: Why are Medicare wages different than my federal taxable income?

SRA deductions are subject to Medicare taxes. Therefore, you need to add your SRA deduction back to your federal taxable income to arrive at Medicare wages.

Q: Why are Social security wages different than my Medicare wages?

If your Medicare Wages are higher than $97,500 your social security wage will be limited to $97,500.

Q: What is the amount under Box 12a, Code C for?

The amount in Box 12, Code C represents imputed taxable income for the cost of group-term life insurance over $50,000. This amount is required by the IRS to be included in Box 1, 3, and 5 of your W2.

Q: What tax returns do I have to file and when are they due?

For helpful information on federal taxes, please use the following links:

1040 Form - http://www.irs.gov/pub/irs-pdf/f1040.pdf

1040 Instructions - http://www.irs.gov/pub/irs-pdf/i1040.pdf

1040EZ Form - http://www.irs.gov/pub/irs-pdf/f1040ez.pdf

1040 EZ Instructions - http://www.irs.gov/pub/irs-pdf/i1040ez.pdf

In addition to the forms listed above, miscellaneous fill-in forms, publications, and instructions can be found at the IRS website at the following address:

http://www.irs.gov/formspubs/lists/0,,id=97401,00.html