Making Work Pay Tax Credit

Notice to Employees - Changes to Income Tax Withholding 

New tax withholding tables may have reduced the amount of income tax withheld from your wages which could result in a smaller refund or possibly an amount owing when you file your 2009 tax return. The new tables, prescribed by the Department of the Treasury, reflect the Making Work Pay credit and other changes resulting from the American Recovery and Reinvestment Act of 2009.
 
Those who should pay particular attention to their withholding include:
·        Married couples with two incomes,
·        Individuals with multiple jobs,
·        Those claimed as a dependent on someone else's tax return, and
·        Social Security recipients who work.
 
It is important that you review your individual circumstance to see how the change in withholding will affect you. You may want to contact your tax advisor or a tax accountant to see what their recommendations might be. You can also visit the IRS Web site at http://www.irs.gov/  and use the "Withholding Calculator http://www.irs.gov/individuals/article/0,,id=96196,00.html ."
 
If desired, you can file a new Form W-4 electronically by visiting the Accounting Office Web site at http://www.byui.edu/accountingoffice/employees.htm . Access to the form is located in the upper right-hand corner. You may claim fewer withholding allowances on line 5 or request additional amounts to be withheld on line 6.
 
Please do not contact the Payroll Office or Human Resources for advice. You will be better served by consulting with a tax advisor or tax accountant.