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HR issues important year-end reminders

As we look forward to winter break, there are some things to keep in mind as the year 2020 approaches.

First, New Year’s Day falls on Wednesday, Jan. 1, 2020, so the December pay date will be Thursday, Jan. 2.

Distribution of 2019 W-2 forms

The Payroll Department is preparing for the 2019 W-2 Wage and Tax Statements. The Form W-2 is an annual form that reports your federal and state wages and other tax information required by federal and state agencies. It is also used by the Social Security Administration as a verification document to ensure individuals are properly credited for future Social Security and Medicare benefits.

Receive your W-2 electronically

If you've already consented to receive your W-2 electronically, no action is needed.  You may sign up for an electronic W-2 for 2019 through Oracle, TWU Employee Self-Service, from any TWU on-campus computer. 

  • Choose “W-2 Distribution Method” and add the document type: W-2. 
  • Change the drop-down menu to “Yes” for online and you will begin to receive your W-2 electronically each year. 

If you choose to receive your W-2 electronically, you will not receive a mailed copy of your form W-2. Viewing/printing your W-2 electronically is available on TWU campus computers only.

Receiving your W-2 electronically has several benefits:

  • Access your information earlier than if mailed
  • Reduce the amount of personal information, including your Social Security number, that is distributed through the mail
  • No longer have to worry about lost mail
  • Print your W-2 as many times as needed, as well as prior-year W-2 forms
  • View online, download a PDF to your computer, or print

Name changes

Verify that your name as listed on your payslip agrees to your Social Security card. If your name has recently changed (due to marriage, divorce, etc.), the university will continue to use your old name until you have obtained a new Social Security card. After you have received a new Social Security card, notify the Human Resources Department. Using a new name without updating the Social Security Administration’s records may prevent the posting of your Social Security and Medicare earnings. Instructions for obtaining a replacement Social Security card or changing information on your Social Security number record are located on Form SS-5 Application for a Social Security Card.

Address changes

Verify that your address as listed on your payslip is accurate. If you have recently moved or need to make a change, update your address via TWU Employee Self-Service through Oracle. TWU Employee Self-Service can be accessed at any TWU on-campus computer by logging into Oracle. Choose “Personal Information” and update your address accordingly. If you will not be on campus, you may download the Address Change Form located under the Payroll heading.

Form W-4, Employee’s Withholding Certificate

Did you marry or divorce, gain or lose a dependent, or have major changes in your family income? If so, you may need to file a new Form W-4. You can update your W-4 information through TWU Employee Self-Service in Oracle. Log-in to any TWU on-campus computer, choose “W4 Information” and update accordingly. If you will not be on campus, you may download the W-4 Form located under the Payroll heading.

If you’re claiming “exempt” from tax withholding, you must submit a new Form W-4 by Feb. 17, 2020, if you wish to retain your exempt status. If a new form is not filed and submitted to the payroll department, withholding for federal taxes will be based on “Single” with zero (0) withholding allowances. You can submit your W-4 update through TWU Employee Self-Service or by paper W-4 form if you will not be on campus.

Coming in 2020 — A new W-4 Form

The 2020 Form W-4, Employee's Withholding Certificate, will be substantially different than previous versions of the form. The IRS must revise the form to comply with the income tax withholding requirements in the Tax Cuts and Jobs Act (Pub. L. 115-97). The form will no longer use the concept of withholding allowances to account for additional income, deductions, and tax credits, but will include lines where employees can enter those amounts directly so they can be used to calculate the withholding amount.

While the form will be different, the IRS has designed the withholding tables so that they will work with a prior year form or the 2020 form. The IRS is not requiring all employees to complete a new form. However, the new form will be required for all new hires in 2020 and for employees who have completed a Form W-4 before 2020 and want to make changes to their withholding in 2020. 

The IRS also has created a new publication – Publication 15-T, Federal Income Tax Withholding Methods – explaining how withholding will be calculated with the prior year and 2020 Forms W-4. A nearly final version of the publication was released on Nov. 4. The final version, which will include the 2020 withholding tables, is expected to be released in mid to late December. 

Visit the IRS page for FAQs on the draft 2020 Form W-4