Starting in 2021, employers may truncate taxpayer identification numbers (TINs) on form W-2s distributed to employees.
University elects to truncate Social Security numbers on form W-2s to fight identity theft
Unit: Payroll
Affordable Care Act tax forms 1095-B and 1095-C
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.
Possible federal tax refund due to the Earned Income Credit (EIC)
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
Check your tax withholding for 2021 using the IRS withholding calculator
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.
2021 form W-4 (employee’s withholding certificate) released
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.
Updated 2021 form W-4 required for employees claiming ‘exempt’
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.
Notice to employees of election not to withhold income tax on personal use of employer vehicles
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.
Don’t be left in the cold on payday
As the semester comes to a close, employees should be aware of the Friday, December 23 pay date and university closures.
Employees may receive paperless tax documents
The Illinois State University Payroll Office is pleased to announce that active employees may elect to receive their Form W-2 and 1095-C statements online. This allows you to print and send the online form with your tax return. Employees will not have to worry about their tax documents being lost in the mail and will
Time to review W-4 forms
It is time for employees to review their current Form W-4.
