![]() Per the Reconciliation Formula, taxable vehicle (Box 14) is added to gross pay and is included in Box 1 (Wages, tips, other compensation).įlexible Spending Accounts (FSA): Dependent Care (DC) and Health Care (HC) If there is a taxable amount, it is reported in Box 14 (Other). The nontaxable (not the total) EBE amount is reported in Box 12 (letter code “L”). Employee Business Expense (EBE)Įquipment maintenance allowance (EMA), carrier drive-out, vehicle hire, and supervisor vehicle usage are considered employee expenses. ![]() Roth contributions (letter code “AA”) are reported for your information only. TSP Roth contributions do not reduce gross pay they are included in Box 1 (Wages, tips, other compensation). N TSP Roth contributions including TSP Catch-Up are reported in Box 12 (letter code “AA”). N Per the Reconciliation Formula, traditional TSP contributions (Box 12, letter code “D”) are subtracted from gross pay and are not included in Box 1 (Wages, tips, other compensation). ![]() N Employee TSP traditional contributions including TSP Catch-up are reported in Box 12 (letter code “D”). N Per the Reconciliation Formula, Imputed Income Life Insurance (Box 12) is added to gross pay and is included in Box 1 (Wages, tips, other compensation). (The formula is based on employee’s age, salary, and life insurance coverage.) The IRS requires employers to report as income the employer cost of Group Term Life Insurance in excess of $50,000. It is the net result of the IRS computation for taxable insurance benefits less the calendar year amount the employee paid for optional insurance. N Imputed Income Life Insurance is reported in Box 12 (letter code “C”). General Questions Imputed Income Life Insurance If the first three digits of your Social Security number are… Submit questions regarding Forms W-2 in writing. N Name of office where employed (or previously employed, if not a current Postal Service employee). N Social Security number and/or Employee ID. Employees should visit applicable state taxing authority websites to determine eligibility.) Inquiriesĭirect all inquiries concerning payroll items, such as employee business expense, equipment maintenance, rent, TCOLA, money differences between earnings statement and Form W-2 (See Reconciliation Formula on Form W-2), leave buy backs, erroneous state or local tax deductions, TSP, FSA, etc., to the Accounting Help Desk at 86. (An employee may also qualify for a state EIC credit. Details are printed in the “Notice to Employee” section of the Form W-2. Additionally, distributed deferred compensation is reported in Box 11.Īn employee may be able to take the Earned Income Credit (EIC) for 2012, if s/he meets qualifying requirements. New codes “AA” (TSP Roth), “DD” (Cost of Employer-Sponsored Health Coverage), and “Y” (Nonqualified Deferred Compensation) are shown in Box 12. All box numbers remain unchanged from the 2011 version. However, with the discontinuation of Advanced Earned Income Credit (EIC) Payments in 2011, Box 9 is shaded and no longer serves to identify monies of any type. The format of the 2012 Form W-2 remains unchanged from the 2011 version. If an employee has earnings from more than one state or locality, a separate Form W-2 (see pages 21– 22) will be issued for each. 11.Finance 2012 Tax Information: Form W-2 Wage and Tax Statement Form 1099 General Form W-2 Information Open season, the annual period when USPS employees can make changes to their benefits, ends Dec. To enroll in an FSA or make changes, employees should visit or call FSAFEDS at 87 (TTY: 86).Įmployees can learn more about FSAs on LiteBlue. The minimum annual election for each FSA is $100.Įmployees may carry over a maximum of $640 of unused funds into 2025 if they reenroll in the accounts.įSAs allow employees to set aside money - before state, federal, Social Security or Medicare taxes are deducted from their paycheck - to cover eligible medical, pharmacy, dental and vision expenses. The maximum annual contribution for a dependent care FSA - usually used for child or elder care - is $5,000 per household, or $2,500 if married and filing separately. The Internal Revenue Service has announced that federal employees may contribute up to a maximum of $3,200 in health care or limited expense health care flexible spending accounts (FSAs) in 2024. Health care and limited expense health care flexible spending accounts are capped at $3,200, and dependent care accounts at $5,000.
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