A strongly correlated electron system associated with the quantum superalgebra U q [osp(2|2)] is studied in the framework of the quantum inverse scattering method. By solving the graded reflection equation, two classes of boundary-reflection Kmatrices leading to four kinds of possible boundary interaction terms are found. Performing the algebraic Bethe ansatz, we diagonalize the two-level transfer matrices which characterize the charge and the spin degrees of freedom, respectively. The Bethe-ansatz equations, the eigenvalues of the transfer matrices and the energy spectrum are presented explicitly. We also construct two impurities coupled to the boundaries. In the thermodynamic limit, the ground state properties and impurity effects are discussed.