The payroll department is responsible for the processing of payroll, labor distribution posting to the General Ledger, tax withholding, non-benefit payroll deductions, and other activities required to generate payroll payments to University employees.
The payroll department is also responsible for ensuring the University is in compliance with employer federal, state and local tax regulations, and preparing annual W-2 statements for employees.
Understanding Your W-2
Below are the most common guidelines to help you understand your W-2 Statement, and the correlation between the different boxes on the W-2 and your actual gross pay on your check stubs.
The wages listed in box three are your taxable Social Security wages, which for calendar year 2022, had a maximum taxable wage of $147,700. The wages listed in box five are your taxable Medicare wages; no cap applies to these wages. These wages can differ from your actual gross pay due to various benefits and pre-tax deductions. Below is a sample calculation:
Gross pay on check stubs (Jan. -Dec. 2022) | $45,000 |
Less pre-tax benefit deductions (Jan. - Dec. 2022) | |
Medical insurance | $289.59 |
Dental insurance | $196.92 |
Flexible spending | $200 |
Dependent care | $500 |
Parking | $470.04 |
Social Security and Medicare taxable wages (on W-2) | $43,343.45 |
The wages in box one and box 16 are considered to be your federal and state taxable
wages, which you would report on your federal and state tax returns. To arrive at
the figures for box one and box 16, employees should take the Social Security and
Medicare taxable wage total above and subtract your deductions for retirement (403b
and 457 Plans). Below is a sample calculation:
Social Security and Medicare wages (on W-2) | $43,813.49 |
Less retirement deductions (Jan. -Dec. 2022) | $4,500 |
Federal and state taxable wages (on W-2) | $38,843.49 |
The information necessary to make these calculations for your specific history is available by clicking on the Pay Worklet in Workday, you can select in the Payslip section your final payslip of the year to view.
If you have questions about your W-2, please e-mail your question, along with your Employee ID and phone number, to payroll@list.slu.edu.