Payroll Year End Actions for Employees
All WPI employees should review the chart below for helpful payroll information related to year end, including actions we should complete before the 2024 tax season. Please email talent@wpi.edu with questions or feedback.
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WPI 2023 YEAR END PAYROLL DETAILS |
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DEADLINE |
RELATED ITEM |
ACTION REQUIRED |
QUICK LINKS/INSTRUCTIONS |
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12/31/2023 |
Data Validation |
-> Verify Your Legal Name in Workday. |
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| -> Verify Your Home Address in Workday. | |||
| -> Verify Your State/Local Tax Withholdings in Workday. | |||
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12/31/2023 |
W-4 Form |
-> Review your tax elections in Workday. |
https://www.wpi.edu/offices/talent/employee-resources/payroll |
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2/15/2023 |
-> If you want to claim an “Exempt” withholding status for Federal tax purposes in 2024, you must file an Internal Revenue Service (IRS) Form W-4 in Workday. | ||
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12/31/2023 |
Tax Treaty Renewal |
-> Complete updated paperwork for 2024; email payroll if you did not receive forms. | |
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EFFECTIVE DATE |
2024 PAYROLL CALENDARS, W-2 RELEASE, & LIMITS |
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12/11/2023 |
2024 Payroll Calendar |
-> 2024 biweekly and monthly payroll calendars are available. |
https://www.wpi.edu/offices/talent/employee-resources/payroll |
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1/31/2024 |
W-2 Forms for 2023 |
-> W-2 forms will be mailed and available to employees electronically by the end of January 2024. |
Guide will be available on the payroll website in January 2024. |
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3/15/2024 |
1042-S Forms for 2023 |
-> 1042-S forms will be mailed and available to all employees by the end of March 2024. | A 1042-S form is a year-end federal tax document given to a non-resident alien who received wages that were exempt from federal and state tax withholding by a tax treaty and/or received a non-qualified taxable scholarship. |
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1/1/2024 |
New 2024 IRS Limits |
-> Social Security tax calculation will reset in 2024. | |
| -> SS EE Withholdings Limit |
$10,453.20/annual |
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| -> H.S.A Self Only |
$4,150.00/annual |
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| -> H.S.A Family |
$8,300.00/annual |
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| -> 403(b) & 457(b) Contribution |
$23,000.00/annual |
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| -> 403(b) & 457(b) Contribution (50 or older by year end) |
$7,500.00/annual |
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