Online W-2s are...
· Safe, secure and approved by the IRS
· Better for the environment – less paper
Instructions on printing W-2 from Banner Self Service
· Employee Tab
· Tax Forms
· W-2 Wage and Tax Statement, Choose 2010, Display and then print
Instructions on electing to receive an Electronic W-2
· Sign into Banner Self Service
· Select Employee Tab
· Select Tax Forms
· Select Electronic W-2 Consent
· Read your rights and if you want to receive W-2 electronically – check the box and submit
· Once you submit, starting with the 2011 W-2 -you will only receive your W-2 electronically.
For federal tax purposes, the following pre-tax benefits are excluded from the gross taxable federal wages in Box 1 on the employee's W-2:
· Contributions to 401K traditional – NOT Roth
· Contributions to the 457 Deferred Compensation Plan
· Contributions to the 403(b) Tax Sheltered Annuity Plan
· Health and Dental premiums – if you did not opt out
· Contributions to the Flexible Spending Account – health and dependent care
· Parking Permit – if by payroll deduction
Note to foreign employees about 1042-S forms
If you are an employee who has claimed exemption from income tax withholding based on a tax treaty, your exempt treaty wages will be reported on a 1042-S form. Your taxable wages (if applicable) will be reported on a W-2 form.
The 1042-S forms will be delivered to the foreign employees separately from the W-2 forms. They will be distributed by March 15, 2011 in accordance with IRS requirements.