The Families First Coronavirus Response Act (FFCRA) required that qualifying employers provide paid sick and family leave to eligible employees between April 1, 2020 and December 31, 2020. Under the FFCRA, employees could receive paid leave in the following situations: Ten days of paid sick leave at the employee’s regular rate of pay: Employees who
If an employee has an amount reported in box 12 of their Form W-2 (Code W) for employer contributions to your health savings account (including contributions through a cafeteria plan), then the employee should complete IRS form 8889 Health Savings Account.
2020 form W-2s will be distributed by February 1, and 2020 form 1095-Cs will be distributed by March 2. Electronic versions of these forms are available through My.IllinoisState.edu.
Starting in 2021, employers may truncate taxpayer identification numbers (TINs) on form W-2s distributed to employees.
Per Internal Revenue Service (IRS) guidance, forms 1095-B and 1095-C are for record keeping purposes only and are not required to be filed with an individual’s 2020 tax return. Currently, the forms will be mailed or electronically distributed by March 2, per IRS requirements.
Illinois State University employees may be eligible for the federal Earned Income Credit (EIC). It is a benefit for working individuals with low to moderate income. To qualify, individuals must meet certain requirements and file a tax return, even if individuals do not owe any tax or are not required to file. The EIC reduces
The IRS encourages everyone to use the Tax Withholding Estimator to perform a “paycheck checkup.” This will help you make sure you have the right amount of tax withheld from your paycheck.
The IRS released the 2021 form W-4, employee’s withholding certificate. The 2021 form W-4 is different from previous versions prior to 2020 due to the federal tax law changes that took place in 2018.
To continue your exemption from tax withholding for 2021, you must provide a new form W-4 to the University Payroll Office by February 15.
Under IRS regulations, employees are subject to Federal and State income and withholding taxes on the value of their personal use of an employer-provided vehicle. These regulations allow employers the option not to withhold income taxes on this value. Employers are still required to include this value on the Form W-2 employees will receive.
