Office of Human Resources
Payroll Department
The Payroll Department is currently preparing for the 2007 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.
GET YOUR W-2 EARLIER! SIGN UP FOR ELECTRONIC VIEWING!
Beginning this year (2007), we are offering you the option to print your W-2 electronically. If you elect to receive your W-2 online, you will not receive a mailed copy. An email notification will be sent when the W-2 is available for retrieval.
Electronic W-2 benefits:
The process is VERY simple:
Please complete the attached electronic W-2 consent form and forward to the payroll office no later than January 2, 2008 to sign up for electronic W-2 viewing/printing. If you do not complete the consent form, your W-2 will continue to be mailed on or before January 31 each year.
To access your W-2 electronically:
Please 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. You may call the Social Security Administration toll free at 1-800-772-1213 for Form SS-5, Application for a Social Security Card.
Please verify that your address as listed on your payslip is accurate. If you have recently moved or need to make a change, please complete the Address Change Form. You may download the form from the Payroll website at http://www.twu.edu/humanresources/payroll.
Now is the time to check your Federal tax withholding allowances. Did you marry or divorce, gain or lose a dependent, or had major changes in your family income? If you answered “yes”, you may need to file a new Form W-4. You may download the form from the Payroll website at http://www.twu.edu/humanresources/payroll.
If you are claiming “exempt” from tax withholding, you must submit a new Form W-4 by February 15, 2008 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.
The AEIC is a tax credit for certain workers. It reduces the Federal taxes you owe. If you believe you are eligible to receive AEIC payments in 2008, please refer to IRS Publication 596. If you are currently claiming the AEIC, you must submit a new form to Payroll by December 7th for the credit to be included in your January 2nd paycheck. You may download the form from the Payroll website at http://www.twu.edu/humanresources/payroll.
Annual Employee Limits For 2008
Basic Deferral Limit for 403(b) and 457(b) Plans $15,500
Age 50 Catch Limit for 403(b) and 457(b) Plans $ 5,000
Social Security Wage Base $102,000
If you have any questions regarding the above information, please contact Payroll at 940-898-3561.