End of calendar year brings to-do list for employees

The countdown to 2017 has begun. With it come important changes and dates for all CU employees.

W-2s will be mailed by Jan. 31 and made available in the employee portal shortly afterward. To prevent delay in receiving your W-2, it is vital that you ensure your address is correct in your employee portal. If not, you will need to update it by Jan. 5.

If you legally changed your name this year, log into the portal to confirm that the name on your digital pay stub matches the one on your Social Security card.

Be sure to mark your calendars for these upcoming dates:

• Mid-December: The IRS releases the 2017 version of the W-4.
• Jan. 1: Did you meet the Social Security maximum in 2017? If so, tax deductions will resume on this date.
• Jan. 5: Deadline for updating your address in the employee portal.
• Jan. 31: W-2 forms will be mailed by this date, then posted in the portal shortly thereafter.
• Feb. 6: If you filed as tax exempt in 2016, you must complete your 2017 W-4 form by this date. 

Know your numbers for the New Year with these notable changes to tax rates and contribution limits:

• The Social Security wage base is increasing to $127,200.
• Maximum Social Security withholding is $7,787.
• Contribution limits for CU 401a and PERA have increased:
  • The maximum contribution for the CU 401a is now $54,000 with a salary limit of $270,000.
  • The employer contribution for PERA is 10.15 percent with an employee contribution of 8 percent.

If you need instructions on updating any of the items listed above, or would like more information regarding these important dates and changes, click here.