Employees often ask what amounts are reported on a Form W-2 and why the amounts on their pay advices are different from amounts on their Form W-2. Many of these questions focus on understanding the amounts in the numbered boxes on the Form W-2.
The IRS announced the 2017 inflation-adjusted limits that apply to certain employee fringe benefits, with at least one surprise to note.
The IRS has released the 2017 Notice 1036, which contains the official 2017 withholding allowance amounts, the amount to add to nonresident alien employees’ wages for calculating their income tax withholding and the percentage method withholding tables.
In Notice 2016-70 the Treasury (Treasury) and the Internal Revenue Service (IRS) provide an automatic extension of the due dates to comply with the Affordable Care Act (ACA) reporting requirements.
Enrolling in direct deposit prevents you from being left “out in the cold” without your final check if you are unable to pick up your hard copy check prior to University closures from December 22, 2016 through January 3, 2017.
All employees are encouraged to review their information for current address to ensure receipt of important tax forms as well as make any updates to current withholding elections for the upcoming 2017 tax year.
