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Critical Tax Updates for 2012

Extension of the 2% Social Security Payroll Tax Rate Reduction

Congress has passed a two month extension of the “Payroll Tax” rate reduction. Originally part of the Tax Relief Act of 2010, this extension continues the reduction of the Social Security tax withholding rate from 6.2% to 4.2% through February 29, 2012.

2012 Non Resident Alien Tax Packet (CO-NRA) Submissions

International employees must file a 2012 Non Resident Alien Tax Packet no later than January 10, 2012 to claim 2012 Social Security/Medicare tax withholding exemptions and tax treaty benefits. Failure to re-file will result in tax withholdings from your 2012 pay. NRA Tax Packets are available on the HR web site at http://www.pdx.edu/hr/tax_treaties_non-resident_aliens

Filing Exempt in 2012

Employees who filed a 2011 Form W-4 Exemption from Federal and State income tax withholdings must re-file by February 10, 2012 to continue their Exempt status in 2012. Log in to the PSU Information System (banweb.pdx.edu), select the Employee tab, and select Payroll Tax Forms to update your 2012 Form W-4 withholding elections.

2011 Electronic W-2 Forms

Enroll to receive your 2011 Form W-2 Wage and Tax Statement electronically only. There are several advantages of going paperless:

  • Your Social Security Number and confidential salary data does not sit in an unattended mail box.
  • W-2 forms are available electronically up to one week earlier than the mail deadline of January 31, 2012.
  • You will receive an email notice when they are available on banweb.
  • You can print an official paper copy W-2 form on demand as required for tax purposes.
  • Electronic is sustainable – minimizing our footprint on paper, postage, time and delivery.

To elect electronic only delivery go to the Employee Services tab in the PSU Information System (banweb.pdx.edu), select Payroll Tax Forms, and then Electronic W-2.

2011 Form W-2 and 1042s

Paper W-2s will be mailed from the Oregon University System (OUS) no later than January 31, 2012. The paper copy will be sent to the address you have on file in the PSU Information System (banweb.pdx.edu). If you do not want a paper copy sent to your address please sign up for Electronic W-2s only. (https://banweb.pdx.edu/pls/oprd/twbkwbis.P_WWWLogin)

1042s statements are only available in hardcopy for international employees covered by a tax treaty and will be mailed from OUS by January 31, 2012.