Explanation Of 2016 Wage And Tax Statement (Irs Form W-2) (Page 3 of 4) in pdf

Explanation Of 2016 Wage And Tax Statement (Irs Form W-2) Page 3

Box 6 - This is the amount of Medicare tax withheld. The Medicare tax rate is 1.45% on

the first $200,000.00 of Medicare wages and 2.35% on any Medicare wages in excess

of $200,000.00. If this amount exceeds these rates, please advise the PSB.

Box 10 - This is the total for child care subsidy benefits paid by your agency, if

applicable, on behalf of the employee and/or employee contributions to a FSA-DC.

Box 12(a-d) - Amounts in this box are designated by letter codes to define the items

and may include the following:

● Deferred compensation (regular TSP,403(b) and 457) plan contributions,

● TSP Roth contributions,

● Employer sponsored health insurance,

● Employer sponsored life insurance valued over $50,000.00 and

● Non-Taxable Moving Allowances.

Box 13 - An “X” in the retirement plan box indicates you are covered by a “qualified”

pension plan. The following retirement plans are qualified pension plans: Civil Service

Retirement System, (retirement codes 1, 6, C, E or R), Federal Employees

Retirement System, (retirement codes K, KR, KF or M), or other qualified retirement

plans (403(b) or 457(b). An “X” in the retirement plan box may affect your ability to

deduct a 2016 individual retirement account contribution.

Box 14 - The following items, and their respective amounts, will be shown in this box:

● FEHB Premium Conversion– This reflects the amount of FEHB

Premiums (this amount is not included in Boxes 1, 3, and 5, unless you

opted out),

● FSA – This reflects the amount of FSA withholdings for FSA-DC and/or

FSA-HC (this amount is not included in Boxes 1, 3, and 5),

● Transit Benefit - This reflects the dollar amount of qualified

transportation fringe benefit provided while participating in the TEA-21

pretax transportation fringe benefit programs (this amount is not

included in Boxes 1, 3 and 5),

● TSP Prior Year Refund – This reflects TSP contributions refunded in

2016 which were excludable from wages in a previous year and added

to this year’s wages,

● Other Allowances - This reflects the amount of foreign and non-

foreign allowance payments, education allowance payments, living

quarters allowance payments, repayments of terminal leave (this

amount is not included in Boxes 1, 3 and 5) and

● Health Savings Account – This reflects the amount of HSA

withholdings (this amount is not included in Boxes 1, 3, and 5).

Box 15-20 - These boxes are used to report state and local income tax information.

Additional Notes

The TSP, both regular and Roth TSP combined, contribution limit for calendar year

2016 is $18,000 and the over age 50 TSP catch up contribution limit is $6,000.

Explanation Of 2016 Wage And Tax Statement (Irs Form W-2) Page 3