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HR issues year-end reminders

The holiday season is upon us. Can tax season be far behind?

The Office of Human Resources has issued important year-end reminders to help employees prepare for 2022. First and foremost, since New Year’s Day falls on Saturday, Jan. 1, 2022, the December payroll pay date will be Monday, Jan. 3, 2022.

 

Distribution of 2021 W-2s

The Payroll Department currently is preparing for the 2021 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.

 

Sign up to receive your W-2 electronically

If you have already consented to receive your W-2 electronically, no action is required. To sign up for electronic W-2 for 2021:

  • Log-in to Oracle, TWU Employee Self-Service
  • Choose W-2 Distribution Method and add the document type:  W-2
  • Change the drop-down menu to “Yes” for online

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. 

Electronic W-2 benefits:

  • 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 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

 

Name changes

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, 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 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, 2022, 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 2022

 

Basic Deferral Limit for 403(b) and 457(b) Plans:          

$  20,500

Age 50 Catch up Limit for 403(b) and 457(b) Plans:            

$    6,500

Social Security Wage Base:                                         

$ 147,000

 

The Social Security Administration has announced that the 2022 Social Security wage base will be $147,000. 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 2021, wages paid in excess of $200,000 in 2022 will be subject to an extra 0.9% Medicare tax that will be withheld. 

The maximum Social Security tax an employee will pay in 2022 is $9,114.00.