Time Due by Approvers
Time Due by Approvers
As the semester comes to a close, employees should be aware of the Wednesday, November 26, 2014, and Tuesday, December 23, 2014, pay dates and University Closures.
Employees who receive a "hard copy" payroll check should make arrangements to pick up their checks by the close of business Wednesday, November 26, 2014, and Tuesday, December 23, 2014 at the Cashier's office located in the Student Accounts Building. As usual, a photo ID and signature is required for pickup.
Due to University closures the Cashier's Office will be closed from 4:30 p.m. Wednesday, November 26, 2014, through 8:30 a.m. on Monday, December 1, 2014, and closed at 4:30 p.m. Tuesday, December 23, 2014, and will open at 8:30 a.m. Monday, January 5, 2015.
Now is a great opportunity to consider saving time by enrolling in the direct deposit program. More than 92 percent of Illinois State employees have already enrolled because it's the fastest and most convenient way to receive your paycheck. No lost or stolen checks.
Each year, a significant number of Form W-2s are returned to the Payroll Office due to incorrect addresses. The University Payroll Office encourages all employees to maintain accurate iPeople addresses throughout the year. However, as the 2014 calendar year concludes, it is especially important for tax purposes.
To easily confirm a mailing address, simply review it in upper-left corner of the pay advice located by logging into iPeople and selecting Self Service-Payroll & Compensation-View Paycheck. Employees may make address changes by following the instructions posted online. Changes should occur no later than January 5, 2015, to be included in the 2014 Form W-2 processing.
Although W-2s will be available online, a paper form will also be mailed by January 31, 2015. For certain foreign employees, the 2014 1042-S Forms (Foreign Person's U.S. Source Income Subject to Withholding) will be mailed by March 15, 2015, as required under Internal Revenue Service regulations. The Payroll Office home page will be updated with a notice when the forms are mailed.
It is time for employees to review their current Form W-4 (Employee's Withholding Allowance Certificate) status for preferred changes in filing status and/or number of allowances needed for tax year 2015. Current tax withholding elections may be easily viewed in the upper-right corner of the pay advice found in iPeople and selecting Self Service-Payroll & Compensation-View Paycheck.
All employees who claimed total exemption from income tax withholding in 2014 must submit a new 2015 Form W-4 by February 15, 2015, to continue to claim exemption from withholding in the new year. After that date, Illinois State must begin withholding income tax if the 2015 Form W-4 is not submitted.
International nonresident employees must not fill out a new W-4 or make changes to an existing W-4 without guidance from a tax specialist in the Comptroller's Accounting office. If applicable, treaty benefits need to be renewed each calendar year. For information on contacting or scheduling an appointment with a campus tax specialist, call (309) 438-3106 or e-mail firstname.lastname@example.org.
Fringe benefits provided to employees are considered taxable wages unless they are specifically excluded from income by a provision of the US Income Tax Code.
Fringe benefits are considered payment "in kind." Payments in kind may be in the form of automobiles, awards, event tickets, athletic tickets, gifts, club dues, moving expenses, spousal travel, graduate assistant health contributions, and miscellaneous income. An employer must include all fringe benefits in an employee's gross income, as they are subject to employment and income tax withholding.
Click here to see a list of taxable fringe benefits
Posting of taxable income is completed based on timing of receipt of documentation by payroll
Before departing for the semester break, please be certain to review your Home address by logging into iPeople. Your Home address may be located under the menu item ISU Employee > Personal Info Summary & Update > Home address. Your address should be where you will be living in January of 2015. If you will be living outside the United States next year, you will need to change the country field when updating your address. Please email any changes you make to Brenda Banwart at email@example.com giving her your new address.
Treaty benefits are extended on an annual basis. Treaty benefit for the 2014 Calendar Year end on December 31, 2014. To determine eligibility for treaty benefits during the 2015 Calendar Year, contact Brenda Banwart for an appointment by phone at 309-438-3106 or email her at firstname.lastname@example.org.
Please be mindful of what you post online as it pertains to your job and confidential documents.
As reported recently by various media, a search of the popular photo sharing site Instagram reveals hundreds of photos of individuals displaying their paychecks. Information included in the photos of these paychecks, such as confidential bank routing numbers and checking account numbers, can provide criminals all the information needed to commit bank fraud and identity theft.
Using this information, a crime ring in Minnesota was able to create duplicate checks and steal money from banks and employers.
The U.S. Attorney's office is labeling the incident as the largest identify theft ring ever seen in the state.
Posting a photo of a confidential document from your employer, such as a paycheck, can have far-reaching repercussions.