Upcoming Payroll Reminders for Year End 2010 and New ... - Nasa

Upcoming Payroll Reminders for Year End 2010 and New Year 2011There are a number of upcoming events that may be of interest toemployees as we approach the end of calendar year 2010 and beginthe new calendar year 2011. The following are items forconsideration:Leave YearThe 2010 leave year ends January 1, 2011. The 2011 leave yearincludes 26 pay periods, beginning on January 2, 2011 and ending onDecember 31, 2011.Calendar Tax YearThe 2011 taxable earnings year is from the pay period beginning December 19, 2010 through thepay period ending December 17, 2011.W-2sForm W-2, Wage and Tax Statement, will be available for viewing and printing in Employee Expressat www.employeeexpress.gov by January 7, 2011. Hard copy W-2s will be provided to all employeeswho did not elect to turn off the printed W-2 in Employee Express. Hard copy W-2s will be mailedno later than January 18, 2011.Federal Tax Exempt WithholdingThe Internal Revenue Service (IRS) regulations require that all employees who claimed exemptionfrom Federal tax withholding last year file a new Form W-4, Employee’s Withholding AllowanceCertificate, by February 15, 2011. You may enter a new W-4 in Employee Express(www.employeeexpress.gov) beginning January 1, 2011 through February 15, 2011. If a new W-4has not been entered in Employee Express by February 15, 2011, your Federal tax withholdingstatus will be changed to single and 0 exemptions in pay period ending February 26, 2011.Form W-5, Earned Income Credit Advance Payment Certificate, expires at the end of each calendaryear. The Federal Earned Income Credit has been eliminated effective January 1, 2011.State and Local TaxesWe encourage every employee to review his/her Leave and Earnings Statement to ensure taxes arebeing withheld from the correct state and/or locality. If taxes are being withheld for the incorrectstate or locality, the employee should notify their payroll or personnel office as soon as possible.Social Security Old-Age, Survivors, and Disability Insurance (OASDI) TaxThe 2011 Social Security wage base for OASDI is $106,800.00. There is no wage base limit forMedicare tax. The tax rate for Medicare is 1.45%. The tax rate for Social Security is temporarilydecreasing from 6.2% to 4.2%. Earnings in excess of $106,800.00 will be taxed at 1.45%.Employees subject to withholdings for Medicare only will be taxed at the 1.45% rate for all earnings.Thrift Savings Plan (TSP) ContributionsTSP contributions are limited to a maximum of $16,500 in 2011. Authorized biweekly contributionamounts or percentages will automatically carryover from 2010 into 2011 unless changed orNSEN-3000-0023RELEASED – Printed documents may be obsolete; validate prior to use.

canceled by the employee. Deductions may be changed at any time in Employee Express atwww.employeeexpress.gov.Thrift Catch-up Contributions (TCC)TCCs authorized in 2010 ended after the pay period ending December 18, 2010 unless you reauthorizedfor 2011. This re-authorization may be made via Employee Express atwww.employeeexpress.gov. TCC is subject to an annual IRS limit of $5,500.00 for 2011.Combined Federal Campaign (CFC)CFC deductions for the 2011 campaign year begin on January 2, 2011 and end December 31, 2011.Payroll ScheduleThe 2011 payroll schedule is shown in the following figure:Any questions concerning this notice, contact:NSSC Customer Contact Center1-877-677-2123 (1-877-NSSC123) or nssc-contactcenter@nasa.govNSEN-3000-0023RELEASED – Printed documents may be obsolete; validate prior to use.