Payroll Tax Updates and Reminders for 2017

The information provided below details payroll tax information related to the 2017 calendar year.

• The 2017 social security wage base limit remains at $127,200.
• The 2017 employee and employer social security tax rate remains at 6.2%.
• The Medicare tax rate remains at 1.45% each for both the employee and employer. There is no wage base limit for Medicare tax.
• The additional Medicare tax rate for wages in excess of $200,000 remains at 0.9%.
• Florida minimum wage increased as of January 1, 2017 to $8.10 from $8.05 per hour.
• The 2017 mileage rate for moving as changed to $0.17 from $0.19.

In addition, to facilitate the processing of the annual W-2 issued by the University, please review the following reminders:

• Tax document address – please verify that the “HR/Payroll” address on file is correct as this is where your W-2 will be mailed. If you have relocated or need to update your address, please use the link below to update your information accordingly.
• Social Security number and name validation – if you are a new employee or have recently had a name change (e.g. due to marriage), compare the name on your Social Security card and make sure it matches the name and Social Security number in our system. If there are any errors, give a copy of your Social Security card to a Human Resources representative so the error can be corrected. Be aware that any discrepancies may affect the Social Security Administration’s record of your contributions.
• Changing Your Withholding – submit a new W-4 form for events during the year that may change your marital status, exemptions, adjustments, deductions, or credits you expect to claim on your return.   Note: If you were able to claim exemption from federal or state income taxes last year, your current form expires February 15, 2017. A new W-4 form will need to be submitted as required by the IRS in order to continue with the exemption in 2017. Otherwise the IRS requires that your federal and state withholding status be changed to reflect “Single-0” and you will be taxed at the single tax rate, with zero exemptions. Changes to W-4’s can also be made through self-service via WebSTAR.
• W-2 Forms– will be mailed no later than January 31, 2017.  If you have elected to receive your W-2 form electronically, the forms will be accessible via Sharklink no later than January 27, 2017.
• Electronic W-2 –If you have previously consented to receive your W-2 form electronically, and would like to continue to receive your W-2 electronically, no further action is needed. If you would like to receive your W-2 form electronically and you have not previously consented to do so (or would like to revoke consent), you must give (revoke) consent no later than January 13, 2017.    The process for giving consent to receive the electronic W-2 version is quick and easy. Click Electronic W-2 Consent FAQ  for instructions.
• Direct deposit – The fastest and safest way to receive your earnings each pay period. Fill out the Direct Deposit Authorization form, and fax: 954-262-3997 or email:  payroll@nova.edu.

Please log into SharkLink (https://sharklink.nova.edu/ ) under the employee tab and use the links provided to WebSTAR to consent, verify and update the above information or you can also log into WebSTAR  (http://webstar.nova.edu/) directly.

Please contact the Payroll office at (954) 262-7887 or email us at payroll@nova.edu if you have any questions