The Payroll Department reminds employees (staff, faculty and students) that a new Form W-4, Employee’s Withholding Allowance Certificate, can be completed at any time.
The information from this form is used by Payroll to determine the federal and state income taxes to withhold from paychecks. A Form W-4 remains in effect until an employee provides Payroll with a new one. Generally, employees are not required to file a new form each year.
Employees are encouraged to file an updated Form W-4 if withholding allowances have changed or will change in the next year. If employees expect to owe more taxes or receive a large refund when filing 2011 tax returns, they may consider completing a new W-4 form. Current withholding allowances are printed on pay stubs and also are available on Murphy Online under Employee Services.
Use the Withholding Calculator on the IRS website for help in determining how many withholding allowances to claim. Employees also can ask their tax advisers for assistance with completing their Form W-4 at the time their 2011 tax returns are being prepared.
Employees who claim they are exempt from federal income tax withholding must complete a new W-4 form by Feb. 15, 2012, to have that exemption continue into 2012.
New Minnesota reciprocity form (MWR)
Employees who are Michigan and North Dakota residents but work in Minnesota are required to complete a new MWR form by Feb. 28, 2012, to continue exemption from Minnesota income tax withholding in 2012.
The Form W-4 and the Minnesota MWR form can be accessed from the Payroll website. Employees should send the completed, signed form to Payroll at Mail #AQU 221.