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How will this affect my taxes?

Your tax withholdings will continue to be based on the latest W-4 we have on file for you and will be calculated on the amount of wages paid to you during the calendar year, not the amount earned. Your W-2 will reflect only the wages paid to you, not your contract amount. The wages deferred in a current year and paid in the following summer will be reported on the following year's W-2, in compliance with the IRS.