Grand Valley: Payroll Office News GVSU Payroll Office News http://www.gvsu.edu/payroll/ Sat, 18 May 2013 06:04:18 EST Grand Valley: Payroll Office News http://www.gvsu.edu/images/rsslogo.gif http://www.gvsu.edu/payroll/ 112 33 Electronic W-2 Information 2013-01-15 00:00:00.0
Happy New Year from your Payroll Office!

 

Please take a moment and sign up to receive your 2012 W2 through Employee Self Service (My Banner).  If you signed up last year you DO NOT have to sign up again this year.  Your permission remains in effect until you revoke it.

 

In order to receive your W2 electronically the IRS requires us to receive your permission to do so.  By logging in to My Banner today you can give us permission to deliver your W2 online instead of mailing it.  As an added bonus by giving us permission now, you will be able to receive your W2 at least a week earlier then if you choose to receive it by mail.  We anticipate having the electronic copies available around January 24th while the paper copies will not be mailed out until January 31st.

 

So please don’t wait, log into My Banner today and do the following:

Click on the Employee Tab

Click on Tax Forms

Click on Electronic W2 Consent

            Read the permission form carefully

Check the consent to receive electronic W2 box

***If you have trouble logging into My Banner please contact the IT helpdesk.

 

After signing up for electronic delivery and once the W2 forms are ready you will receive an e-mail notification that your W2 is available for printing through My Banner (around January 24th).  The form will look a bit different from what you normally receive but it is an approved IRS formatted form.

 

For more information on the electronic W2 process from permission through printing please check out the payroll website http://gvsu.edu/payroll/w-2-information-9.htm

 

Please feel free to contact the payroll office if you have any questions or concerns.

 

Thank you in advance for your cooperation and participation in receiving your W2 electronically.

 

Your Payroll Team

payroll@gvsu.edu

616-331-2237

]]> http://www.gvsu.edu/payroll/module-news-view.htm?newsId=75F27FF7-D253-316F-AD990539BA96E195 The Rate Column on Your Pay Stub Will Look Different 2012-10-08 00:00:00.0

The Paycheck Stub below is an example of the updated version that will go into effect with the paychecks issued on 10/09/12.


Your Paycheck Stub has been updated so that more detail can be seen on your paycheck stub when a rate calculation is done in Banner (i.e. overtime).  The rate column has been expanded to show six decimals. Previously, this detail was only available by logging into myBanner (www.mybanner.gvsu.edu/) and going to the employee tab at the top then clicking on pay information and then paystub.



]]> http://www.gvsu.edu/payroll/module-news-view.htm?newsId=86C90B48-EB8F-6AA3-D6F59DC6BFD31059 Columbus Day and Payroll Direct Deposit 2012-10-04 00:00:00.0
In celebration of Columbus Day the federal reserve and most banks and credit unions are closed on Monday 10/8/12.  If you are an hourly staff/student employee and are on direct deposit your money will be available on Tuesday morning 10/09/12.   

 

If you have any questions please feel free to contact us.

 

Thanks!

Your Payroll Team

payroll@gvsu.edu

616-331-2237

]]> http://www.gvsu.edu/payroll/module-news-view.htm?newsId=C6D3DA28-9528-F2E4-1F14A234F1AE5B0D Change in Michigan Income Tax rates 2012-10-01 00:00:00.0
Please take note of the following changes that have been made to the Michigan Income Tax withholding and exemption rates effective October 1, 2012.

Tax rate



  • The rate reduction from 4.35% to 4.25% as of October 1, 2012.



  • The 2012 annualized rate is 4.33% and applies to all of 2012 regardless of when income was received.



  • For 2013 and each tax year thereafter the rate is 4.25%.



Exemptions



  • The personal exemption was increased from $3,700 to an annualized personal exemption of $3,763 for 2012. The personal exemption is $3,900 for 2013.



  • Special exemptions for seniors are no longer allowed.



  • The $600 exemption for children 18 and under is no longer allowed.



  • Special exemption for unemployment compensation greater than 50% of adjusted gross income (AGI) is no longer allowed.



  • Special exemption for disabled and exemption for disabled veterans remain unchanged.



  • Phases out certain pension and retirement income subtractions based on date of birth. See Retirement Benefit Changes for more detailed information.



 

For more information please refer to the State of Michigan website which will explain the changes in detail.





If you have any questions please feel free to contact us!

Your Payroll Team

payroll@gvsu.edu

616-331-2237

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