- Nov
- 6
- 2019
2019 year-end updates from payroll
Holiday time: scheduling and annual forfeiture policy
As we approach the end of the year, Northwell team members need to coordinate time-off from work in conjunction with our business needs. If you work a Northwell observed holiday, be sure your leader works with you to schedule accrued time off within 30 days (before or after) of the holiday.Highlights of our Holidays Policy (which can be found on the employee intranet>myHR>Policies and Procedures and applicable to non-union and union-represented employees) include:
Accrued holiday time from the current year must be scheduled and taken prior to Jan. 31 of the following year or be subject to forfeiture
- Accrued and unused holiday time from 2019 must be used by Thursday, Jan. 31, 2020
- After Jan. 31, 2020 any unused holiday time from 2019 will be forfeited via an automated sweep
- Christmas Day 2019 and New Year’s Day 2020 will not be part of the Jan. 31 forfeiture.
Any reduction in balances will reflect on the following pay statement dates:
- Cycle 1: paycheck dated Feb. 20, 2020
- Cycle 2: paycheck dated Feb. 27, 2020
- Semi-monthly: paycheck dated Feb. 21, 2020
To effectively plan for using accrued holiday time-off, current holiday balances are available on both printed and electronic wage statements. Accrued and unused holiday balances are displayed with the code Leg Hol.
Social Security wage base increases to $137,700 for 2020
The Social Security Administration (SSA) announced that the 2020 Social Security wage base will be $137,700, an increase of $4,800 from $132,900 in 2019.
As in prior years, there is no limit to the wages subject to the Medicare tax, therefore all covered wages are still subject to the 1.45% tax. Wages paid in excess of $200,000 in 2020 will be subject to an extra 0.9% Medicare tax that will be withheld from employees’ wages.
The FICA tax rate, which is the combined Social Security tax rate of 6.2% and the Medicare tax rate of 1.45%, will remain 7.65% for 2020 for wages up to the Social Security wage base of $137,700. The maximum Social Security tax employees and employers will each pay in 2020 is $8,537.40, an increase of $297.60 from $8,239.80 in 2019.
Deadline to consent to electronic delivery of Form W-2 is Tuesday, Dec. 31, 2019
All team members should confirm the accuracy of their personal information and consider going paperless as we head into tax season. If you consent to receive an electronic Form W-2, you will be able to view and download/print your W-2 in mySelfService earlier than paper W-2s are received by mail.
- To sign up, login to mySelfService>myPay>Regulatory Links>View W-2/W-2c Forms>Year End Form
- Consent to view and print your IRS Form W-2 electronically by Tuesday, Dec. 31, 2019
- You can withdraw your consent at any time, resetting your delivery preference to paper mail
- Changes submitted after Tuesday, Dec. 31 will set the delivery preference for future year-end statements
- If you consent to electronic delivery, you will receive an email notification in your Northwell Outlook inbox with the subject line: IMPORTANT TAX RETURN DOCUMENT AVAILABLE when your electronic Form W-2 is available for review and downloading and/or printing
Paper delivery
If you do not consent to electronic delivery via mySelfService, your Form W-2 will be postmarked on or before Jan. 31, 2020 for United States Postal Service delivery. The mailing label will reflect the home address you have on file in mySelfService as of Dec. 31, 2019.Questions
For assistance with mySelfService, please contact the HR Service Center at 516-734-7000. Form W-2 related inquiries may be emailed to W2@northwell.edu
This was very helpful
Thanks
Very helpful thank you. Please continue with this type of info.
Thank You for sending this information out in advance! This helps to prepare ourselves and family for upcoming changes.