Payroll Department reminds UST employees to update W-4 forms
If you expect to owe more taxes or receive a large refund in 2008, you may want to update your W-4 form.
The Payroll Department reminds employees that a new W-4 form, the Employee’s Withholding Allowance Certificate, can be completed at any time. The information from this form is used by the Payroll Department in determining the amount of federal and state income taxes withheld from paychecks. A W-4 form remains in effect until an employee provides the Payroll Department with a new one. Generally, employees are not required to file a new form each year.
Employees are encouraged to file an updated W-4 form if their withholding allowances have changed or will change in 2008. If employees expect to owe more taxes or receive a large refund when filing 2007 tax returns, they may consider completing a new form. Current withholding allowances are printed on pay stubs and are available on Murphy Online under Employee Services.
For help in determining how many withholding allowances to claim, use the “withholding calculator” on the IRS Web site. Employees also may ask their tax advisers for assistance with completing their W-4 forms at the time their 2007 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, 2008, for that exemption continue into 2008.
Employees who are not residents of Minnesota also are required to complete a new MW-R from by Feb. 28, 2008, to continue exemption from Minnesota income tax withholding in 2008.
The W-4 form can be accessed from the Payroll Department Web site; employees should send the completed signed form to Payroll at AQU 221.
For more information, contact the Payroll Department, (651) 962-6514.
