Archive for January, 2018

2017 W-2’s

Wednesday, January 31st, 2018

Paper W-2’s

  1. W-2 statements were mailed on Wednesday, January 31st to employees who did not opt-in for the electronic version of the W-2 or who are no longer active employees.  Please allow 1-2 weeks for delivery via the USPS.
  2.  We will not be processing any W-2 reprints until Monday, February 12th.
  3. If you do not receive your W-2 by February 12th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

Electronic W-2 Option

  1. Electronic W-2’s were published online on Tuesday, January 30th. If you are still an active employee, you can view and print a copy of your W-2 electronically while connected to the Loyola network.  All you need to do is give your consent to receive the W-2 electronically by following the steps found here.
  2. Opting in will give you access to your 2017 W-2 electronically.  It will also give you access to other recent year W-2’s.  Additional information regarding electronic W-2’s may be found here.
  3. If you opted in to have your W-2 submitted electronically to Turbo Tax, your W-2 will be sent to Turbo Tax by Wednesday, February 1st.
  4. PLEASE NOTE: If you are no longer an active Loyola employee and you previously signed up for electronic delivery, a paper copy of your W-2 has been mailed to the address on file with Human Resources.

For help understanding your W-2, please visit https://www.luc.edu/finance/understandingyourw-2/

For further information, please visit our main Payroll website at http://www.luc.edu/finance/payroll.shtml

Best Wishes,

Kronos Help Desk / Payroll Services

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Tax Reform Legislation Will Affect Payroll

Friday, January 12th, 2018

On December 22, President Trump signed H.R. 1, also known as the Tax Cuts and Jobs Act, into law. The legislation, which marks the most sweeping tax changes in 30 years, will affect payroll professionals by changing the taxability of two fringe benefits and affecting income tax withholding in 2018 and beyond.

The IRS recently released the new tax withholding tables that reflect the new tax rates for individuals. Lawson has been updated to include these new tax tables. As a result, you may see a change in your paycheck beginning on February 9 for bi-weekly employees and February 15 for monthly employees.

No action is required by employees as a result of this change. We will use the W-4 forms already on file to adjust your withholding to reflect the tax changes. However, employees may update their withholding elections at any time by submitting a new Federal W-4 form to Human Resources.

In addition to the income tax withholding changes, there are some fringe benefit changes related to qualified moving expenses. Through 2017, the Internal Revenue Code provides an exclusion from employees’ income for qualified moving expense payments and reimbursements made by employers. This fringe benefit will be suspended, except for military-related moving expenses, for tax years 2018 through 2025.

Please visit the IRS FAQ site for additional information.

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2017 Year End Reminders

Friday, January 5th, 2018

As the 2017 calendar year ends, please keep in mind the following important reminders.

Personal Information Review

Don’t forget to double check your personal information for your W-2! Using your most recent pay stub in Employee Self Service, please review your name, address and last 4 digits of your SSN.  If anything needs to be updated, please use the following forms.

Tax Withholding Review

Now is also a good time to do a personal review of your Federal and State tax withholdings. You can view your current elections using Payment Modeling in Employee Self Service.

To make any changes in your elections, use the following W-4 forms and submit to Human Resources.

W-2 Information

If you haven’t already done so, you can sign up to receive your W-2 electronically. Read about the benefits of receiving your W-2 electronically and find step-by-step instructions for how to sign-up by following the link below:

http://www.luc.edu/finance/w-2consent/#d.en.296649

2017 W-2’s will be issued by the IRS deadline of January 31, 2018. If you do not elect to receive your W-2 electronically, or you are no longer an active employees, your W-2 will be mailed to the address on file with Human Resources.  Please allow 1-2 weeks for delivery via the USPS.

We will not be processing any W-2 reprints until Monday, February 12th. If you do not receive your W-2 by February 12th, you may fill out, sign, and email back a completed W-2 request form, which is available on our webpage.  Once we have the form, we will work on processing a W-2 reprint within 5-7 business days.

 

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