Department(s):
PayrollAll 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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