The University Record, January 30, 1995

W-2 forms are in the mail; check yours for accuracy

From the Payroll Office

Form W-2 Wage and Tax Statements for 1994 were mailed last week to regular and part-time U-M employees who received earnings in 1994.

The format of the Form W-2 is virtually the same as last year.

Federal and state taxable wages listed exclude any tax-deferred retirement contributions. However, such contributions were subject to Social Security and Medicare tax and are therefore included in Social Security and Medicare wages.

Separate boxes on the W-2 indicate if the staff member were enrolled in a retirement plan and the amount of retirement contributions that were “elective” tax-deferred contributions. The total tax-deferred retirement contributions are indicated in a separate footnote.

Also excluded from federal/state and Social Security wages are any pre-tax health insurance and group life insurance premiums deducted in 1994, as well as Dependent Care/Medical Reimbursement Account deductions. Dependent Care deductions are summarized in a separate box.

New this year is a footnote showing the total of Flint/Dearborn/Ann Arbor United Way payroll deductions for 1994.

Staff members who had city income tax withheld in 1994 will receive a Form CW-2 for the appropriate city in a separate mailing.

Staff members who received royalty payments during 1994 will receive a separate Form 1099-Miscellaneous Income for those payments.

Errors in Social Security numbers should be reported to the Payroll Office.

Questions regarding information on W-2 Forms should be directed to the Payroll Office, G395 Wolverine Tower, or call 764-8267. Individuals who do not receive their W-2 by Jan. 31 should call 764-8250.