Archives—January 2018

Tax Cuts and Jobs Act

Changes to the Federal Tax law in December required employers to implement new federal income tax withholding amounts for employees no later than Feb. 15. Michigan Tech has implemented these changes, and employees’ paychecks will reflect these new withholding amounts beginning with their Feb. 2, 2018 pay. 

Employees should consult their tax advisors with any questions regarding how any of the Federal Tax law changes may impact their personal income tax or withholding elections. The IRS emphasizes changes will be designed to work with the existing Federal W-4 forms that employees have already filed, and no further action by taxpayers is needed at this time.

However, employees who wish to submit a revised Federal W-4 form can do so by logging into Banweb or by submitting a paper form to Payroll Services. Detailed instructions to access your Federal and State withholding information can be found by visiting What is Banweb? and clicking on “Payroll Information on Banweb.”

Electronic W-2s Available on Banweb

Electronic 2017 W-2s are now available on Banweb for all employees who have consented to an electronic copy. Paper W-2 forms will be mailed on or before January 31st.

If you would like to receive an electronic copy of your W-2, it’s not too late. Log in to Banweb and click the Employees box, then Tax Forms, and then Select Electronic Consent (W2 and 1095-C). Click the box under My Choice and next to Consent to receive W-2 electronically, then click Submit.