You have to replace wax ring- do it soon before filthy water starts rotting out the floor. You know how? Turn off water supply, flush toilet, remove residual water from tank with small container/ rag. Disconnect supply line. If this is one- piece, you are ready remove bolts and lift- if two- piece you must first remove tank- you will need new tank bolts/ gasket(as well as wax ring, closet bolts, also check condition of supply line, replace if necessary). After you lift it, check condition of flange, replace if necessary, clean bottom of toilet and floor very well,final clean with rubbing alcohol, warm wax ring a little and apply to bottom of toilet- my bro, who does bathrooms for a living 20 yrs, insists this is better that putting it on floor first, where you may damage it when lowering toilet- he also says use 2 rings if you like to be sure of good seal. Get toilet as close to perfect level as possible, snug bolts, replace tank, supply line, caulk around toilet.