|Message Sent To:||All Faculty, All Staff, Student Workers|
|Message From:||Message from Human Resources|
|Date Sent:||Thursday, August 27, 2020 12:25 PM CDT|
Employee Deferral of Payroll Tax Obligations & Review Personal Tax Withholdings
August 27, 2020
Dear Faculty, Staff, and Student Workers,
We would like to share with you two important messages regarding payroll tax withholdings:
Payroll Tax Deferral
On August 8, President Trump signed a memorandum directing the Secretary of the Treasury “to defer the withholding, deposit, and payment” of the employee share of Social Security tax on wages paid between September 1 and December 31, 2020.
From this executive order, there are several elements that remain unknown until the Internal Revenue Service (IRS) issues guidance. Human Resources and Payroll Services are closely monitoring this executive order, as well as any guidance from the Treasury Secretary and the IRS regarding this deferral option.
At this time, without further guidance from the IRS, Loyola will continue to withhold and remit employee payroll taxes as required by the IRS.
Reminder to Review Your Federal and State Tax Withholding Information
The University recognizes that many employees are still temporarily working remotely, and possibly from outside of Illinois. We encourage all employees to review their personal federal and state tax withholdings. If any updates are needed, please complete updated withholding forms and securely submit them to Human Resources using Loyola Secure Transfer.
If you have any questions or would like more information on any of the topics in this message, please contact Human Resources at hr-payroll-processing@LUC.edu and Human Resources will follow up with additional guidance. We wish our entire Loyola community health and wellness.
Associate Vice President, Human Resources
Assistant Vice President, Financial Systems and Payroll