January 31, 2012
2011 W-2 Forms Mailed to TNS Employee Homes
W-2 tax statements for 2011 have been mailed to New School employees at the home address on record. When you receive your W-2, please check it immediately to make sure your name, address, and Social Security number are accurate and that you can read all of the information. Please allow five business days to receive your form.
For help in making sense of the form including the figures in the boxes, download Explanation of Amounts Reported on the 2011 W-2 Form (PDF). If you would like further information on how taxable wages are calculated, you can download and complete the Taxable Wage Worksheet (PDF) using your payroll information.
You can also view and print your W-2 form through Self-Service/ALVIN (accessible through MyNewSchool—Employee tab). When you are on the W-2 Tax Information page, go to the bottom and click the PRINT button. Doing this will bring the form online and enable you to print it. For guidance in accessing and viewing your online payroll information, refer to Viewing Payroll Online.
Complete information on employee tax forms can be found on the Payroll webpage. If you have questions about your W-2 or have not received it by February 15, email us at PayrollHelp or call us at 212.229.5674 x4963.
January 12, 2012
Payroll Tax News for 2012
The information below contains Payroll Tax News for 2012, in addition to some important Payroll reminders. The tax changes began with your first payroll check in 2012.
I. PAYROLL TAX
Tax Relief Act (TRA) of 2010 (in effect 2011) includes changes that remain in effect in 2012
- Individual Tax Rates—Under TRA, the current tax rates (10%, 15%, 25%, 28%, 33%, and 35%) remain in effect through December 31, 2012.
- Extension of the 2% Social Security Employee Tax Rate Reduction — Congress has passed a two month extension of the employee's share of social security tax. This extension continues the reduction of Social Security Tax withholding from 6.2% to 4.2% through February 29, 2012. A House-Senate Conference is scheduled to consider the extension for the remainder of 2012. A notice will be posted on MyNewSchool when the directive has been issued by the IRS.
- Mass Transit/Parking Pre-Tax Benefits—The maximum pre-tax benefit for Mass Transit has been reduced to $125 per month. Parking maximum pre-tax benefits increased to $240.
- Employer provided educational assistance—The income exclusion up to $5,250 for graduate-level educational assistance remains in effect through December 31, 2012.
Social Security and Medicare Taxable Wage Base
- The Social Security Administration announced that the Social Security wage base for 2012 is $110,100, an increase of $3,300 from the 2011 wage base of $106,800. Medicare taxes will continue to be based on all earned income. As mentioned above, the tax rate for the employee's portion of social security will remain at 4.2% for the first two months of 2012. Medicare will remain the same in 2012 at 1.45%.
Review Your Current Federal and State Withholding
- Now is a good time to review the federal and state withholding allowances you are currently claiming. Your current withholding allowances can be viewed through employee self-service at MyNewSchool. If you need to change your filing status or number of exemptions, you must complete a new Form W-4. The IRS recently announced that the personal exemption amount for 2012 is $3,800.
Employees Claiming Exempt from Federal Tax Withholding (action required)
- Employees who filed a Form W-4 in 2011 claiming exemption from federal withholding taxes will have to file a new Form W-4 no later than February 15, 2012. If a new Form W-4 is not submitted, the IRS requires the university to withhold based on the withholding status of single and zero exemptions.
Employees Claiming Exempt from State Tax Withholding (action required)
- If you claimed exempt from state withholding taxes, you must renew that exemption each year by completing a new Form IT-2104-E. If Payroll doesn't receive a new state withholding form by April 30, 2012, your withholding status will be changed to single and zero exemptions.
II. IMPORTANT PAYROLL REMINDERS
Verify Your Personal Information
- Avoid the hassle of your W-2 form being lost in the mail! Review your current pay advice to confirm the spelling of your name and mailing address are correct. Don't forget to check the zip code and apartment number, if applicable.
- Your W-2 form will be mailed to the home address reflected on employee self service in MyNewSchool. You can change your payroll address by logging into MyNewSchool. The link to the Payroll address can be found under the "Employee" tab.
2011 W-2 Form (anticipated online availability January 25, 2012)
- Once finalized, your 2011 Form W-2 will be available online through employee self-service by logging into MyNewSchool. You can view and print the IRS-acceptable form directly. We will also mail your W-2 form to your home via regular U.S. mail by January 31, 2012.
Advantages of Direct Deposit
It is highly recommended that you sign up for direct deposit if you haven't done so already. Direct deposit can benefit you in many ways:
- No waiting for your check on payday. The money is already in your account and available on payday.
- If you miss work on payday or you're on vacation, your money is in the bank and available to you no matter where you are.
- No worrying over losing a paycheck or having it stolen before you can get it to the bank. The university does not reissue checks that have been stolen and cashed.
- You can view your pay statement online and print it at your convenience.
- Supports sustainability by eliminating paper checks.
- You can have your pay sent to different accounts and/or different financial institutions.
- Avoid long lines at the bank on payday.
- It will be easier for the university to pay you if there is a catastrophic event.
- You are eligible for a free checking or savings account through Bank of America.
For further information and to discuss how safe and easy it is to have your pay directly deposited into your checking and/or savings account anywhere in the United States, please contact Payroll.
2012 Payroll Schedules
- Payroll Schedules for 2012 are posted in the Schedules section on the Payroll Web page. If you are a supervisor or manager, please review the schedules and communicate to all those who may need to provide you with paperwork to ensure payments are correct and timely. Schedules are adjusted each November for year-end processing.
Please contact us if you have questions or need assistance with this information at payrollhelp@newschool.edu or 212.229.5674 x4963.
RELATED LINKS:
Payroll Web page: www.newschool.edu/ofb/payroll
MyNewSchool: https://my.newschool.edu
* This summary is not intended as and should not be used as tax advice. You should always consult with your own tax advisor to help answer specific questions regarding how these changes apply to or may affect you
Frequently Asked Questions About Payroll
A new tab has been added to the Payroll webpage: Frequently Asked Questions, or FAQs. This page includes categories that apply to payroll, each with questions that have recently been posed to Payroll Customer Service. Following each question is the response, some with links or references to a form or a contact that can offer further assistance.
Please take a moment to review the FAQs. If there are other questions you would like to see addressed there, let us know by sending an email to payrollhelp.
