What is Radnor Tax?
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Radnor Local Services Tax
Please be advised that due to legislation recently
enacted by the Pennsylvania General Assembly and signed into law by
Governor Rendell, the payroll tax known as the "Emergency & Municipal
Services Tax (EMST)" will be undergoing some changes in 2008 that will
affect all employees subject to this tax.
Beginning in 2008, the EMST will be known as
the "Local Services Tax LST)." Some other important changes are as
follows:
- Collection Methods: The mandated
collection method will be the total LST tax rate divided by the
number of pay periods of a given employer. For example, Radnor
Township's LST tax rate is $52.00 per year; thus, an employee's 2008
deductions should be $1.00 per weekly pay, $2.00 per bi-weekly pay,
etc.
- Exemption Threshold: There is a new
low-income exemption such that any individual who earns less than
$12,000 in a calendar year will not be subject to the LST. The
employee may claim an exemption from this tax if they did not earn
over $12,000 in the previous year and they will not make more
than $12,000 in the current year. The employee must notify the
employer by completing a Local Services Tax-Exemption Certificate
and attach to the certificate their final pay stub, or W-2, from the
previous year. If the employee does go over $12,000 the
employer is required to take out in lump sum the amount that would
have been deducted to that point and then begin regular deductions
going forward for the remainder of the year. The employee must
notify the employer and the township that they have gone over
$12,000.
- If paying LST at more than one employee,
the employee must complete the Local Services Tax-Exemption
Certificate and attach a pay stub from your principal employer.
The Local Services Tax-Exemption Certificate
can be found at: Radnor Exemption Certificate
If there are any questions, please cal William
Martin, Radnor Township's Assistant Director of Finance at 610-688-5600
(ext. 152), Lesley Wilson, Financial Accountant extension 179, or Amy
Lacey, Senior Revenue Coordinator at extension 143.
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Why should I have direct
deposit?
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Direct Deposit is a benefit, offered
by your Payroll Department. Villanova automatically deposits your
pay into one or more bank accounts, even if you are not at work on payday.
If you happen to be sick or are on vacation, your pay still goes right into
your bank. You can put some aside in the Credit Union or a savings
account or a checking account. Imagine, never having to rush to the
bank on payday; never worrying about losing your paycheck; and never
having to stand in line to get your money. Direct deposit is a safe,
convenient way to getting what is yours as quick as possible!
Click here for a direct deposit form:
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How is my W-2
calculated?
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Many questions arise with the issuance of the annual IRS form W-2.
Most questions involve understanding how each wage relates to your total
gross earnings. First of all, if you shelter your medical
deductions, you will not find your Gross Earnings anywhere on your W-2.
With that said, here is a basic guide of how each wage is determined:
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Pennsylvania Taxable Wage: (Box 16) |
| 1. Begin with your YTD Gross listed
on your final pay stub for the year. |
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This is what you earned
before any deductions were withheld.
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2. Add Tuition Remission (this is
in Box 14 labeled TUITIO if you had any)
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| 3. Subtract any
medical or dental premiums you had withheld as well as any contribution to
the Health Care Flexible spending account (YTD Totals will be on
your final pay stub) |
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| 4.
The result equals your state wage (Box 16) |
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Social Security Wage:(FICA):
(Box 3 & 5) |
| 1. |
Begin with your YTD
Gross listed on your final pay stub for the year. |
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This is what you earned before
any deductions were withheld.
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| 2. |
Add Tuition
Remission (this is in Box 14 labeled TUITIO if you had any)
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| 3. |
Subtract any medical, dental or
parking deductions you had withheld as well as any contribution to
the Health care flexible spending account (YTD Totals will be on
your final pay stub). Additionally, you will subtract any
contribution to Dependent Care flexible spending account (this is in
box 10 of your W-2).
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| 4. |
The result equals your Social Security and Medicare Wages (Box 3 and
Box 5)
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note: box 3 maximum for 2007 was
$97,500; (box 5 does not have a maximum)
box 3 maximum for 2008 is $102,000. |
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Federal Wage: (Box 1) |
| 1. Begin with your YTD
Gross listed on your final pay stub for the year. |
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This is what you earned before
any deductions were withheld.
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2. Add Tuition
Remission (this is in Box 14 labeled TUITIO if you had any)
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3. Subtract
any medical, dental or parking deductions you had withheld as well
as any contribution to the
Health care flexible spending account (YTD Totals will be on your
final pay stub). Additionally, you will subtract any
contribution to Dependent Care flexible spending account (this is in
box 10 of your W-2).
4.
Subtract Box 12E (this is your TIAA and/or Vanguard retirement
contributions)
5.
The result equals your Federal Taxable Wage (Box 1) |
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I hope this helps!
If you still have a question contact:
Kirk Simmet 610-519-4617
kirk.simmet@villanova.edu. |
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Where can I get a copy of my W-2? |
If
you are currently employed at Villanova you can view and print a copy of
your W-2 form through Villanova's NOVASIS web system. Click
here to access NOVASIS. Once in NOVASIS, go to
Employee Services.
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Where can I get a copy
of my pay stub?
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| You can view and print copies of pay
stubs through Villanova's NOVASIS web system. Click here to
access NOVASIS.
Once in NOVASIS, go to Employee Services. |
Where is my W-2?
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| "Where is my W-2?" is a
question often posed to the Payroll Department. IRS form W-2 must be
post marked no later than January 31. All W-2 forms are mailed by that
date. If it is February 15th, and you have not received your
W-2, contact the payroll office. First we will verify that the address
we sent your W-2 matches where you wanted it to go. We often get W-2’s
returned from the U.S. Post Office as undeliverable, so there is a
chance we have it in our office.
If we do not have it, you may complete a Duplicate
W-2 Request Form.
This form must be completed and signed
by the employee (telephone requests will not be processed). Send the
completed form to:
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Villanova
University
Payroll Department
800 Lancaster Avenue
Villanova, PA 19085
Fax: 610-519-6179 |
We print duplicate copies of W-2’s each
Wednesday based on the requests received by the previous Friday. We
are not able to honor "emergency" requests for copies,
so make sure you have your W-2 before you head to your tax
preparer.
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What do I do with my Jury Duty Check?
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| 1. |
Send a copy of the payment you
received, with your Employee ID number, to the Payroll Office. |
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| 2. |
Payment copy must clearly
distinguish jury pay from expenses such as travel or meals. |
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| 3. |
Payroll will reduce your next
pay by the amount received excluding any amount for travel, meals,
etc. For example, if your received a check for $10.50 where
$9.00 was for jury duty and $1.50 for travel, you would cash the check
and send a copy detailing the payment to Payroll. Payroll would
reduce your next pay by $9.00. |
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| 4. |
The reduction in your pay will
not affect any contribution you are making to your 403(b) retirement
fund or the University match. |
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