In case you missed it, the following announcement was sent to all UMass Memorial employees. Additional information can be found online at the Internal Revenue Service website. Note the May 31 deadline if you would like to make changes to your withholdings.
What’s The Short Version?
If you haven’t made changes since the 2020 tax law changes, your filing status will default to single in January. If you are not single, that means you are telling the employer to withhold higher taxes from your paycheck. (Note: you get to tell the employer how much to withhold - the single/married/kids status is a guideline for your benefit. If you withhold too little, you get whacked at tax time, and could owe fines for underpayment. If you withhold too much, you get a rebate at tax time.)
None of this means you would owe more taxes - the government would withhold more taxes and you would get some of that back when you filed the next year. If people who are not single want to keep having taxes withheld the way that are now, they should update their W-4. Read on for the employer’s announcement . . .
TO: Impacted UMass Memorial Health Caregivers
FROM: Jennifer Morrison, Director, Payroll Services, UMass Memorial Health
DATE: April 3, 2023
SUBJECT: Take Action by May 31 to Ensure Accuracy of Tax Withholding for Your Pay
UMass Memorial Health is evolving and updating our people-related information systems.
What You Need to Know
Due to an Internal Revenue Service (IRS) update, we need you to take action and update/re-enter your tax withholding information.
No action could cause more taxes being withheld from your pay beginning in January 2024 compared to what is currently withheld.
Note: This applies only to caregivers who submitted a W-4 form prior to 2020. If you completed a W-4 form in 2020 or thereafter, no action is required.
What You Need to Do
Between now and May 31, 2023, it is essential that you complete a new W-4 form in HRConnect – even if there are no changes.
If no action is taken, your tax withholding status will default to “single” in January, with zero deductions.
If this withholding status is not what you normally elect, it could result in a different tax withholding for your pay beginning in January 2024 compared to what is currently withheld.
Follow these steps:
From a device connected to the UMMHC Network(either through FMD/VPN (Big IP) or onsite): Visit HRConnect > My Payroll > Update My Tax Info
When completing the form, please reference this job aid if you need assistance.
The IRS offers resources to help you determine the amount of federal income tax to withhold from your pay.
Click here to access the IRS Publication 15-T
Click here to access the IRS Tax Withholding Estimator
Questions
If you have questions, contact the Payroll Office at payrollummhc@umassmemorial.org. Please note that Payroll is not able to give tax advice. If you have any questions on how to complete this form, please reach out to your tax professional.