In accordance with IRS regulations, wages paid to students for work performed after May 5 will be subject to FICA taxes unless the student is enrolled at least half time and actively attending classes during Track A.
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 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.
In accordance with IRS regulations, wages paid to students for work performed prior to August 27 will be subject to FICA taxes unless the student was enrolled and actively attending classes during Track B.
Nonresident alien employees should complete the Federal W-4 Form according to IRS Notice 1392 – Supplemental Form W-4 Instructions for Nonresident Aliens. These guidelines also apply to the Michigan W4.
The summary of these guidelines are:
Federal W-4 – Federal Income Tax Withholding Form
Line 3 – Check the single box regardless of marital status.
Line 7 – Leave blank.
Michigan W4 – Michigan Income Tax Withholding Form
Line 6 – Enter same number that was entered on Line 5 of the Federal W-4
Line 7 – If the employee would like an additional amount withheld, enter a dollar amount.
Please contact Payroll Services at firstname.lastname@example.org or 906-487-2130 with any questions.
Electronic 2016 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.
Employees are encouraged to consent to receive an electronic copy of their 2016 Form W-2 instead of a mailed paper copy.
To consent to receive your form electronically, log in to Banweb (www.banweb.mtu.edu), select the Employees tab, select Tax Forms, and then select Electronic Consent. Click the checkbox under My Choice next Consent to receive W-2 electronically, then select Submit. The deadline to consent to ensure your 2016 W-2 is not mailed is January 8, 2017.
If you consent to receive your W-2 electronically, your 2016 form will be available on Banweb on or before January 31, 2017. A reminder e-mail will be sent when it is available.
By choosing electronic delivery, employees will:
- Avoid having sensitive information sent via mail.
- Have earlier access to form.
- Attain access anywhere there is internet service.
- Help reduce the use of natural resources associated with large-scale printing and mailing, and reduce postage costs.
For employees who wish to receive a paper W-2, paper forms will be mailed to the W-2 address listed in Banweb. If a W-2 address does not exist, forms will be sent to the Mailing address in Banweb. Employees should view/update their current address in Banweb no later than January 8, 2017.
To view/update current W-2 and/or Mailing addresses, log in to Banweb, select the Personal Information tab, select Update Address(es) and Phone(s). Follow directions in Banweb to update an existing address or insert a new address type.
Paper W-2s will be mailed by January 31, 2017 to employees who do not elect to receive their form electronically.
The electronic W-2’s are now available on Banweb for all employees that have consented to an electronic copy. Paper forms of the W-2’s will be mailed the week of January 27th.
We would like to encourage individuals to go out on Banweb and sign up to receive their W-2 Form electronically, if you haven’t already done so. To sign up to receiving your W-2 electronically:
On October 16, 2012, the Social Security Administration announced that the 2013 social security wage base will be $113,700, up $3,600 from the 2012 wage base of $110,100.