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.
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.
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.
The following are examples of 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 firstname.lastname@example.org 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 email@example.com.