W-2 forms ready for employees

W-2 forms ready for employees

By Life@TheU

W-2 forms ready for employees

By Life@TheU
Get information about year-end tax forms and social security limits. In addition, find answers to frequently asked questions about accessing your documents.

As shared by the University of Miami’s Payroll Department, W-2 forms and end-of-year tax information are now available in Workday. Learn more about how to access your documents and review important details. 

Get your W-2 wage and tax statement.

All employees have access to print their W-2 documents, which are available in Workday in the Pay worklet under “My Tax Documents.”  Those who did not opt-out of paper statements will receive their Form W-2 in the mail to the home address on file by Monday, Feb. 1, 2021. Review the Payroll: W2 Tip Sheet for printing instructions and find answers to frequently asked W-2 and payroll questions here. 

Access federal, state, and University tax forms.

Employees can find additional information and frequently requested documents, regarding federal, state, and University tax forms here. Staff members looking for additional information regarding 1095-C and 1042-S forms, can review frequently asked questions. Questions related to 1098-T Tuition Statements can be directed here

Social Security limits increase for 2021.

This year the Social Security wage base limit has increased from $137,700 to $142,800. Based on this new amount, the maximum Social Security tax payable by each employee is $8,853.60, or 6.2 percent of the wage base. The Medicare tax rate remains at 1.45 percent of all earnings. Individuals with earned income of more than $200,000 pay an additional 0.9 percent in Medicare taxes.The flat tax rate for withholding income tax from supplemental wages remains at 22 percent and at 37 percent for supplemental wages more than $1 million. 

Update Form W-4 by Jan. 29.

To make adjustments to your income tax withholding Form W-4 for 2021, visit the Payroll worklet in Workday under Withholding Elections. Form W-4, Employee’s Withholding Certificate was updated by the Internal Revenue Service (IRS) in 2020. If you wish to exempt yourself from tax withholding for 2021, you must complete Form W-4 no later than Friday, January 29, 2021. For more information on Form W-4, including how to complete it, click here.

Questions?

Specific questions regarding your personal taxes should be directed to your tax adviser. For questions related to University year-end payroll information, contact HR-Total Rewards, your pay and benefits team, by completing the online inquiry form or calling 305-284-3004.