Payroll Department issues year-end tax reminders
As the end of the year nears, the Payroll Department would like to share some important information:
- Employees should review their name, address and Social Security number for W-2 purposes.
- W-2 forms should be mailed to employees by Jan. 31, 2020, for forms derived from the previous calendar year.
- Employees who want to receive their W-2 electronically should go to mySolutions > Knowledge Base > Payroll > Payroll W-2 Instructions or go here.
- Employees who chose the electronic version of the W-2 will receive an email notification when it is available.
- The U.S. Department of the Treasury and the IRS are working to incorporate changes into the Employee’s Withholding Allowance Certificate (W-4) for 2020.
- Employee 401(k) contributions for 2020 will increase by $500 to $19,500. The additional “catch-up” contribution limit will increase by $500 to $6,500.
- The Social Security Administration announced that the 2020 Social Security wage base will be $137,700, an increase of $4,800, up from $132,900 in 2019.
- Employees who are claiming exemption from federal taxes in 2019 must complete a new W-4 by Feb. 17, 2020. Failure to do so will reset you to single status. Instructions are here.
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