What do the numbers in the boxes on the form W-2 mean?
Below is a description of the information used to produce W-2s at Granbury ISD. We have only defined those boxes or codes that are reported on the Granbury ISD W-2.
- Box 1 - Wages, tips, and other compensation
This figure is calculated using the following equation:
· Earnings subject to federal income tax reporting paid during the year.
· Minus before-tax deductions (e.g. medical and dental insurance, non-taxable TRS, tax deferred retirement contributions) please refer to your pay advices where in the deduction section it reflects which deduction affects Federal taxes with a “Y”. Pay advices are available for viewing in Skyward, Employee Access, Select Employee Information, under Payroll, and select Check History.
- Box 2 - Federal Income tax withheld
Reflects the amount of actual federal income tax withheld on your paychecks during the year. If you believe the figure on your form is incorrect, please refer to your pay advices where it reflects the amount withheld from each check and the year-to-date (YTD) figure.
- Box 3 – Social Security wages and tips
Social Security wages and tips are generally calculated the same as Federal wages with a few exceptions. Before-tax deductions are not subtracted. Most Granbury ISD employees are exempt from Social Security wages in which this section will be left blank.
- Box 4 – Social tax withheld
- Box 5 - Medicare wages and tips
Medicare wages are generally calculated the same as Federal wages with a few exceptions: Please refer to your pay advices where in the deduction section it reflects which deduction affects medical taxes (F/M) with a “Y”.
- Box 6 - Medicare tax withheld
Medicare tax is currently 1.45% of the Medicare wages and tips.
- Box 10 - Dependent care benefits
The total amount of dependent care benefits that you elected to be withheld from your earnings to use for purposes of eligible dependent and child care expenses.
- Box 12 - Special Codes
- Code E – Elective deferrals under a section 403(b) salary reduction agreement.
- Code G – Elective deferrals for 457(b) deferred compensation plan.
- Code DD – Employee Sponsored Health Coverage
- Box 13 – Check Boxes
- Retirement plan will be checked for those employees that received base retirement contributions from Granbury ISD (Teacher Retirement System)
- Box 14 – Other - United Way / UNITE, Granbury Education Foundation / GEF, etc.