2005 W-2
When will 2005 Form W-2 be Delivered?
Compensation Services will deliver 2005 Form W-2 on January 20, 2006. Below you will find a box-by-box guide to use in understanding each box on this form. Please share this information with your staff. Post in convenient locations within your school or department for all employees.
Compensation Services will also publish this information on our Intranet website .A "Box-by-Box" Guide To Your 2005 Form W-2
Control number - Payroll Use Only
Employer identification number - Assigned to WCPSS by the IRS
Employer's name, address and ZIP code
Employee's social security number - Please Verify
Employee's name, address and ZIP code
| Box 1 | Wages, tips, other compensation. This will be gross pay showing YTD* on your paycheck minus amounts in box 12 and box 14 | |
| Box 2 | Federal income tax withheld (FIT Withheld showing YTD* on your paycheck) | |
| Box 3 | Social Security wages. This will be gross pay showing YTD* on your paycheck minus Sec125 in box 14. | |
| Box 4 | Social security tax withheld (SS Withheld showing YTD on your paycheck) | |
| Box 5 | Medicare wages and tips. This will be your gross pay showing YTD* on your paycheck minus Sec125 in box 14 | |
| Box 6 | Medicare tax withheld (Medicare Withheld showing YTD* on your paycheck) | |
| Box 9 | Advance EIC** Payment | |
| Box 10 | Dependent care benefits (Col Dep Care Pre showing YTD* on your paycheck) | |
| Box 12a-d | Amounts deducted for annuity and/or Pretax 401k showing YTD* on your paycheck | |
| Box 13 | Retirement plan box if retirement was deducted from your paycheck | |
| Box 14 | Retirement deduction (Retirement showing YTD* on your paycheck) and Sec125 deductions (Amflex Debit Card, Col Cancer Pre, Col MedReimb PRE, Acordia Den PRE, Superior Vis PRE and State Med PRE showing YTD* on your paycheck) | |
| Box 15 | State (NC) Employers state ID number -assigned to WCPSS by North Carolina Department of Revenue |
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| Box 16 | State wages, tips. This will be your gross pay showing YTD* on your paycheck minus amounts in Box 12 and Box 14. | |
| Box 17 | State income tax withheld (SIT Withheld (NC) showing on your paycheck) | |
| *Year to Date **Earned Income Credit |
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If you have any other questions concerning your W-2, please with the following information:
- Your name
- Social security number
- School/department name
- Work telephone number
- Home telephone number
Please allow 7 to 10 business days for your request to be processed.
2006 Payroll Rates at a Glance
FICA Withholding
| Social Security | Medicare | |
| Rate: | 6.2% | 1.45% |
| Wage Base: | $94,200 | Unlimited |
| Maximum Tax: | $5,840.40 | Unlimited |
This tax resumes with the first payroll in 2006 if you reached the limit in 2005. This will cause a change in the net of your payroll check from the last one in 2005 to the first one in 2006.
Federal Withholding
Withholding allowance: $3,100.00
Meaning for one allowance for an employee being paid once a month the allowance is $275.00.
Income Tax Rates
10% 15% 25% 28% 33% 35%
Supplemental Withholding Rate: 25%
Qualified Retirement Plan Limits
Increased the limit for elective deferral to 401(k) & 403(b) to $15,000.00.
Catch -up contribution limit: $5,000.00
Earned Income Credit
Increased maximum credit for single or married with spouse not filing W-5 form is $1,648.00
Increased maximum credit for married with both spouses filing W-5 forms is $824.00
State
The standard deduction for married taxpayer is $3,000.00.
Additional Information
Social Security Card and Payroll Name Match
- The name on your Social Security card and the Form W-2 must match in the following manner: first name, middle initial and last name. For example: If Mary Ann Jones is on the Social Security card, then the Form W-2 should read Mary A. Jones.
- If you are currently using a name that does not match your Social Security Card due to marriage, divorce, citizenship change or any other reason, you need to obtain a new card from the Social Security Administration (SSA). This can be done by mail using SSA's SS-5 form available on its Web site at http://www.ssa.gov
- To correct your name on the payroll contact:
Address Verification
Your Form W-2 and other important information are mailed to your home address on occasion. Verify this information by checking your payroll check stub. To correct your name on other important documents at WCPSS to you should complete a Name/Address Change Request Form and forward it to Human Resources.
Form W-4 and NC-4
If you were claiming exempt from federal withholding on Form W-4 for 2005, this form expired January 1, 2006. You have a grace period until February 15, 2006 to submit the new 2006 form to payroll. If the new form is not received by that date, IRS regulations require payroll to change your allowances to "zero" and your filing status to "Single" until a new form is received. Forms may be obtained on IRS Web site at http://www.irs.gov/. Forms may be obtained on North Carolina Web site at http://www.dor.state.nc.us/downloads/individual.html.
Form W-5 for Calendar Year 2005 Expired on December 31
If you are requesting Earned Income Credit payments in advance through the payroll department you will need to complete a new form for calendar year 2006.
For additional information visit the Internal Revenue website at http://www.irs.gov/. W-4 form is on the home page under "Most Requested Forms and Publications. Click on Form W4. This will take you to the fill in form for Form W-4 and instructions on what allowances to claim. Your school secretary will also have Form W-4 available. This form can be e-mailed to , faxed to 850-1710 or sent through the school courier.
For additional information visit the North Carolina Department of Revenue at: http://www.dor.state.nc.us/downloads/individual.html. Scroll to bottom of form and click on NC-4. This is not a fill in form but can be printed. Your school secretary will also have Form NC-4 available. This form can be faxed (850-1710) or sent through the school courier.