The trees are no longer green but we're here to talk some "green." Find out how your world of money might be affected.

How Does Inclement Weather Affect Your Paycheck?

 

Visit HR & Payroll's Inclement Weather Guidance for timesheet guidance related to late openings, early closings, and flexible schedules.

 

Timesheet Guidance

 

General Information on Timesheets:

http://hr.gmu.edu/payroll/timesheets.php

 

Winter Break Timesheet Guidance:

http://hr.gmu.edu/payroll/docs/HolidayHoursforWinterBreak2017.pdf

 

Please note: We cannot process late submissions until the next regular pay period. If you have questions regarding timesheet deadlines or other payroll concerns, please email payroll@gmu.edu

 

IRS Limits

 

The IRS announced cost-of-living adjustments affecting the dollar limit for retirement-related items for the 2018 tax year.

 

  • Participants under age 50 can contribute up to $18,500 (a $500 increase from 2017) to their Supplemental 403(b) Retirement Plan and to their Virginia Deferred Compensation Plan DCP-457.
  • Participants age 50 and over can contribute $24,500 (a $500 increase from 2017) to their Supplemental 403(b) Retirement Plan and to their Virginia Deferred Compensation Plan DCP-457.

 

How to Increase Contributions:

  • 403(b) contribution:

       1. Complete a salary reduction agreement

       2. Return to Benefits by emailing it to benefits@gmu.edu, faxing it to 703-993-2601, or dropping

           it off at the Human Resources and Payroll office in Merten Hall 4100

 

Please contact benefits@gmu.edu with any questions.

 

Social Security Wage Base

 

The maximum amount of earnings, subject to the Social Security tax, increases to $128,700 in 2018 (up from $127,200 in 2017).

 

For additional information on Social Security changes, please see the SSA 10/13/17 press release: https://www.ssa.gov/news/press/releases/#/post/10-2017-1

 

Protect Yourself: Security Tips from the IRS

 

The IRS, state revenue departments, and the tax industry have created a series of special tax tips. The "Taxes. Security. Together." campaign is designed to raise public awareness that even routine actions on the Internet and personal devices can affect the safety of your financial data.

 

For more information, please see https://www.irs.gov/Individuals/Taxes-Security-Together.

 

 

Tax Reform Bill of 2017

 

There are potentially many changes coming related to the tax reform bills. While it is still too early to say what changes the final legislation will have, we are expecting changes that will have some impact to all employees.

 

We continue to monitor the legislation, provide updates, and will implement any changes required to remain compliant. While some changes to the tax code may be unwelcome, the university must comply with all federal and state regulations.

Questions?

Email hr@gmu.edu with questions. We'd love to help you out!

Human Resources & Payroll | George Mason University Alan and Sally Merten Hall Mailing Address: 4400 University Drive, Mailstop 3C3 | GPS Address Only: 4441 George Mason Boulevard Fairfax, Va. 22030 Voice: 703.993.2600 | Fax: 703.993.2601