News Archives | Page 5 of 5 | Financial Services

We Want to Hear From You!

Now that our new Financial Services website has been introduced, we want to know what you think! We value your input and welcome your feedback so please take a moment to complete our survey and let us know your thoughts about the new website. Clicking on the title of this news item will take you to a page where you can click the survey link.

Payroll Tax Changes effective 1/1/2013

On January 1, 2013, Congress approved the American Taxpayer Relief Act of 2012. This bulletin provides information on how this legislation will affect taxes deducted from paychecks beginning this month.

Social Security tax:
Due to the expiration of the “Middle Class Tax Relief and Job Creation Act”, the Social Security tax rate will increase as of January 1, 2013. As a result, the Social Security tax rate reverts to 6.2% of your pay compared to the 2011 and 2012 temporary rate of 4.2%, an increase of 2%.

Federal Income tax rates:
The federal government provides every January new withholding tax tables to all employers based on the tax rates that will be in effect for the new calendar year. Your withholding may change impacting your first paycheck in January 2013.

The tax rates in effect for 2013 are summarized as follows:

Description                                    Tax Rate
Federal Income Tax                       IRS Tax Table, W-4 Rate
Social Security                                 6.2% on first $113,700 wages earned
Medicare*                                          1.45% (no limit)
NC State                                              NC Tax Table, NC-4 Rate

You may update your federal and/or state income tax withholding allowances at any time.
W-4 Employee’s Withholding Allowance Certificate

NC-4 Employee’s Withholding Allowance Certificate

* Beginning in January 2013, individuals whose annual wages and compensation paid in excess of $200,000 will be subject to an additional 0.9% Medicare Tax, from 1.45% to 2.35%. The additional withholding will be reflected in the pay period in which an employee’s compensation exceeds this threshold. For more information, please refer to the IRS website: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additional-Medicare-Tax

If employees have any questions regarding this bulletin, please contact payroll@nullwfu.edu.

Electronic W-2’s – Don’t Forget to Print!

Your 2012 Form W-2 is now available and can be securely accessed by logging in WF@Work through WIN.  www.win.wfu.edu

Thank you for supporting sustainability by receiving your W-2 electronically.  If you have any questions, please contact the Payroll Office at payroll@nullwfu.edu.


Student Employees Moving to Biweekly Payroll

Good news for students! In response to student, faculty, and department requests, we are pleased to announce that effective January 1, 2013, all undergraduate and graduate hourly positions, resident advisors and undergraduate monthly stipends will be moved from monthly to biweekly payroll. This increased frequency will benefit our students as they will receive payment earlier in their employment or stipend term and more often.  These students will now be on the same schedule as biweekly non-exempt staff, and will continue to enter their hours in NOVAtime as they do today.  After the December hours are paid in January, the system will change to the biweekly cycle. Instead of a monthly timesheet view in NOVAtime, students will view weeks per pay period.  When approving timesheets in NOVAtime, supervisors will need to change the pay cycle from monthly to biweekly.

We are pleased to make this change for the benefit of our student employees, and are also committed to supporting departments through this transition. We encourage you to contact us if you need training or support.

Welcome to the New Financial Services Website!

Our new gateway into Financial Services is an audience-driven website that we hope will be very useful and a valuable tool for faculty and staff, students and parents, suppliers, and other audiences.  This new website is a great contribution toward achieving a trained campus community on how to do business at Wake Forest. We encourage you to explore the site and look forward to your feedback. To get you started, we’ve created a quick guide for navigating the site to easily find what you need.

Electronic W-2 Consent

Employees may choose to receive W-2’s electronically this year. If you would like to receive your W-2 electronically, you may select this option through WF@Work. Log in to WIN and click the WF@Work link. Under the Tax Forms heading, click the “Electronic W-2 Consent” option. Check the box under “My Choice” and click submit.

New Report for Cognos Financial End Users

A new Detail-Agency Funds report is now available in Cognos for Financial End Users. The report provides beginning/ending balances and transaction detail for agency funds. Contact reporting@nulllists.wfu.edu with any questions.