The Office of Human Resources issues the following reminders in preparation for the end of the year:
New Year’s Day falls on Friday, Jan. 1, 2021, so the December payroll pay date will be Monday, Jan. 4, 2021.
Distribution of 2020 W-2s
The Payroll Department currently is preparing for the 2020 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 also is used by the Social Security Administration as a verification document to ensure individuals are properly credited for future Social Security and Medicare benefits.
Sign up to receive your W-2 electronically
- Have you signed up to receive your W-2 electronically? If you have already consented to receive your W-2 electronically, no action is required. Electronic access to W-2s is available from on-campus computers or for those with VPN access.
- To sign up for electronic W-2 for 2020:
- Log-in to Oracle, TWU Employee Self-Service
- Choose W-2 Distribution Method and add the document type: W-2
- Change the dropdown 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 for current and prior years also is available from on-campus computers or through VPN access.
Benefits of receiving an Electronic W-2 include:
- Electronic W-2 access allows earlier access to your information than if mailed
- Reduce the amount of personal information, including Social Security number that is distributed through U.S. 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 PDF to your computer, or print
Verify that your name as listed on your payslip agrees to your Social Security card. The Social Security Administration regards names and Social Security numbers as “critical links” connecting your W-2 data to your lifetime earnings record. Your name and Social Security number must match Social Security’s records. If your name has recently changed, (e.g., 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, please 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.
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 may be accessed at any TWU on-campus computer or through VPN 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
Now is the time to check your federal tax withholding allowances. Did you marry or divorce, gain or lose a dependent, or have major changes in your family income? If you answered “yes,” you may need to file a new Form W-4. You may update your W-4 information through TWU Employee Self-Service in Oracle. Log-in to Oracle from any TWU on-campus computer or through VPN access, 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 are claiming “exempt” from tax withholding, you must submit a new Form W-4 by Feb. 15, 2021, 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” marital status. You may submit your W-4 update through TWU Employee Self-Service or by paper W-4 form if you will not be on campus.
Annual Employee Limits for 2021
The Social Security Administration has announced the 2021 Social Security wage base will be $142,800, an increase of $5,100 from 2020. As in prior years, there is no limit to the wages subject to the Medicare tax, therefore all covered wages are still subject to the 1.45% tax. As in 2020, wages paid in excess of $200,000 in 2021 will be subject to an extra 0.9% Medicare tax that will be withheld.
The maximum Social Security tax an employee will pay in 2021 is $8,853.60, an increase of $316.20 from 2020.