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University Payroll - FAQs - Answers

questions     When will I receive my W-2 Form?
W-2 forms for any calendar year will be available to employees by January 31 of the following year. Active employees can sign up for electronic W-2s, accessible through
"MyRecords". Employees who have separated employment will have their W-2 form mailed to the last address on file.

I've lost a W-2 form. How can I get another one?
You can request a copy by calling the MUSC Payroll Department at (843) 792-2191. We maintain employment tax records, including Forms W-2, for a minimum of four years.

What is the difference between a Form W-2 and a Form 1099-MISC?
Both of these forms are called information returns. The Form W-2 is used by MUSC to report wages, tips and other compensation paid to an employee. The form also reports the employee's income tax and Social Security taxes withheld and any advanced earned income credit payments. The Form W-2 is provided by MUSC Payroll Department to the employee and the Social Security Administration. 
A Form 1099-MISC is used by a person or
business to report payments made to another person or business who is not an employee. The form is required when payments of $10 or more in gross royalties or $600 or more in rents or services are paid. The form is provided by MUSC Accounts Payable Department to the IRS and the person or business that received the payment.

On Form W-2, why would line 1, wages, tips, other compensation, be different from line 3, social security wages, and line 5, Medicare wages and tips?
When the amount in box 1 is less than the amount in boxes 3 and 5, you have received some employee compensation that is not subject to federal income tax but is subject to social security and Medicare taxes. Common examples of this are South Carolina Retirement System/Police Officer Retirement System/Optional Retirement contributions and deferred compensation, e.g. contributions to a 401(k), 403(b) or 457 plan. Another example is an employee benefit plan that provides for the contribution of pretax dollars (e.g. cafeteria plan, flexible spending arrangement, dependent care plan, etc.). When the amount in box 1 is more than the amount in boxes 3 and 5, you have received some employee compensation that is not defined as wages for the purpose of social security and Medicare taxes.


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