... are to complete IRS form #3903, Moving Expenses (See IR

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Faculty Fair 2006-2007 Denver Downtown
Thursday August
17, 2006 NC 340 Boulder
Thursday August 24,
2006 Coors Event 3
Academic Year 2006-2007 Payroll Topics

• Payroll Benefit Services (PBS Overview)
• Pay
• Getting Help
• Forms Needed
• Options When am I paid?
• Notification of Pay
• FICA (OASDI, Medicare) Voluntary deductions
• Moving Expense Reimbursement
• Additional Information
• Web Resources
• Contact Information

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Payroll Benefit Services (PBS) Overview

• PBS is a system-wide university department
  responsible for the following areas
• Payroll and Benefit Administration
• Managing computer system for the Human Management
  Resource System (HRMS) and Payroll Finance
• Tax and International Tax Services
• PBS also provides payroll and benefit counseling
  services for all campuses by appointment, phone,
  e-mail and on a walk-in basis.
• PBS is located on the East Campus in Boulder (see
  last slide for complete contact information).

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Pay - Getting Help

• Payroll Liaisons or Campus Administrators can
• Assist employees with specific questions related
  to their appointments or pay.
• Enter or change salaried or hourly data.
• Exception W-4s and Direct Deposit Forms PBS
  processes this personal information.
• Update personal information including the home
  and mailing addresses.
• PBS can
• Assist employees with more detailed payroll
  questions. Employees may call PBS and select
  option 2 to speak with a payroll professional.

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Pay Forms Needed

• 2006 W-4
• Single and zero allowances will be used to tax
  pay for both federal and state if a W-4 is not
  received by PBS.
• Direct Deposit Form and financial institutions
  documentation showing routing number and account
  number (i.e. voided check).
• University and State Fiscal policies require all
  new employees to have direct deposit.
• Employees can choose up to three financial
  institutions located within the continental
  United States. Deposits can be a flat dollar
  amount or a percent of net pay.
• Due dates for changes to W-4 or Direct Deposit
  information is due by 5 pm on the following
  dates September 18, October 9, November 13 and
  December 11, 2006.
• Forms are available on the PBS website see Web
  Resource page.

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Pay Options When am I paid?

• Pay day is the last working day of each month
  except for June. June payment is on the first
  working day in July.
• Friday, September 29 is the first 06-07
  academic-year contract pay.
• Academic-year contract can be paid in one of two
  ways
• 9 PAY 9 from September 2006 through May 2007
  (example 50,000.00 / 9 or 5,555.56 for nine
  months). If contract amount or dates do not
  change.
• If 9/9 pay option is selected, required
  deductions will be billed June through August
  (assumes NO summer pay).
• 9 PAY 12 from September 2006 through August 2007
  (example 50,000.00 / 12 or 4,166.67 for twelve
  months) if contract amount or dates do not
  change.
• If 9/12 pay option is selected and employee is
  paid for a summer appointment, both salaries are
  combined and may be taxed at a higher rate.
• Contact your department payroll
  liaison/administrator to select your contract pay
  option.

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Pay - Notification

• An Advice of Deposit (pay advice) is mailed to
  the employees mailing address one business day
  before pay day.
• Call PBS for additional information, if needed.
• Employees can also view their pay advice using
  the campus Faculty/Staff portal.
• Boulder employees can link to https//cuconnect.c
  olorado.edu and call 303-735-HELP for assistance.
• UCDHSC, UCCS and System employees can link to
  https//my.cu.edu and call 303-492-9999 for
  assistance.
• Employees are responsible for verifying the
  accuracy of personal data, payment types, tax
  status, deductions, contributions, financial
  institution and last four digits of bank account
  on the pay advice.
• Department payroll liaisons/administrators can
  generate a Payroll Register report to help
  employee identify the type and amount of gross
  pay.

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Pay FICA (OASDI, Medicare) Voluntary
Deductions

• Social Security and Medicare tax deductions taken
  by a prior employer cannot transfer.
• 2006 social security maximum gross is 94,200.00
  with maximum withholding of 5,840.40.
• Refunds for over withholding are available to
  employees at end of tax year when filing their
  form1040 tax return.
• Medicare tax does not have a maximum gross or
  withholding.
• Voluntary deductions such as parking, Colorado
  Combined Campaign, CU Foundation, etc., vary by
  campus.
• Contact the appropriate campus office for
  additional information.

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Moving Expense Reimbursement

• Employment contract may provide the benefit of a
  moving expense reimbursement payment.
• Contact payroll liaison/administrator for the
  processing of this one-time payment in time
  collection.
• The university has an accountable plan and
  original itemized receipts are required. Credit
  card charge slips are not acceptable.
• Employee must substantiate all expenses within 60
  days of incurring the expense.
• Eligibility Test
• Time Employee must work full time for 39 weeks
  or one Academic Year after the move.
• Distance New job location must be at least 50
  miles farther from former home than old job
  location was from former home. For example, if
  old job location was 15 miles from former home,
  new job location must be as least 65 miles from
  former home.

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Moving Expense Reimbursement contd

• Non-Taxable Items (MVN)
• Travel reimbursement is for the most direct route
  only, no sight seeing or visiting relatives.
  Mileage can be reimbursed at the IRS rate of
  0.18 a mile.
• Lodging during the trip.
• Non-Taxable payments are recorded in W-2 Box 12
  with P code.
• Household goods and personal effects can include
  lab equipment and/or resource materials only if
  campus policy provides this option.
• Taxable Items (MVT)
• Meals
• Additional unsubstantiated lump sum payments.
• Mileage reimbursement in excess of IRS rate 0.18
  a mile.
• Expenses for buying or selling a home.
• Pre-move house hunting expenses.

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Moving Expense Reimbursement contd

• Taxable reimbursement is taxed at the
  supplemental rates of federal 25 and Colorado
  4.3.
• Payments are reported on W-2 income boxes 1, 3,
  5, and 16.
• No retirement deductions are taken.
• Use the PBS Moving Expenses Non-Taxable and
  Taxable 2006 worksheets listed on the PBS website
  to classify and total reimbursement items. See
  Web Resources for forms link.
• Taxpayers are to complete IRS form 3903, Moving
  Expenses (See IRS Publication 521).

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Additional Information

• W-2 and 1042-S tax forms are mailed to employees
  mailing address in HRMS.
• Confirm this address is accurate on your pay
  advice (address at the bottom) to prevent delay
  in delivery at end of tax year.
• Contact payroll liaison/administrator to update.
• All overpays are legally required to be
  recovered.
• Additional federal/state taxes can be withheld at
  a flat dollar rate.
• Vacation leave is not provided for academic year
  contract faculty.
• Check the Faculty Handbook and contact your
  department for policies and procedures for sick
  leave usage.
• Contact PBS immediately if the security of your
  financial data has been compromised.

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Web Resources

• PBS Home Page http//www.cu.edu/pbs/
• New Employee Tool Box http//www.cu.edu/pbs/newem
  pl.html
• 2006 Employee Payroll Due Date Schedule
  http//www.cusys.edu/pbs/payroll/resources/dates.h
  tml
• Forms-Payroll http//www.cusys.edu/pbs/forms/
• CU Faculty Handbook http//www.cusys.edu/faculty/
  fac_handbook/
• IRS Home Page http//www.irs.gov/
• Forms and Publications http//www.irs.gov/formspu
  bs/lists/0,,id97796,00.html
• Social Security Administration
  http//www.socialsecurity.gov/

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Contact PBS
Faculty Fair 2006-2007 Denver Downtown
Thursday August
17, 2006 NC 340 Boulder
Thursday August 24,
2006 Coors Event 3
Payroll Benefit Services University of
Colorado 3100 Marine Street, 6th Floor 575
SYS Boulder, CO 80309-0575 Phone
303-735-6500 Toll free 1-877-627-1877
Fax [phone] E-mail
payrollbenefit.services_at_cusys.edu   Customer
Service Office Hours Monday Friday 800 a.m.
500 p.m.   Professional Resources. Quality
Service. Educated Decisions.