Education, Taxes, & Benefits. Duke University August 22, 2017
|
|
- Chad Eaton
- 6 years ago
- Views:
Transcription
1 Education, Taxes, & Benefits Duke University August 22, 2017
2 Megan Hutchinson, CPA Senior Manager - Tax Raleigh Office
3 DISCUSSION POINTS TYPES OF INCOME TAXABLE v NON-TAXABLE QUALIFIED v NON-QUALIFIED EXPENSES REPORTING DOCUMENTS TAX RETURN FILING IRAs EARNED V UNEARNED INCOME EDUCATIONAL TAX CREDITS & DEDUCTIONS TAX PAYMENTS
4 In the eyes of the IRS All are sources of taxable income Unless
5 You tell them differently by filing an income tax return
6
7 TYPES OF INCOME Scholarships - $ for the purpose of general education expenses (undergrad) generally not taxable Fellowships - $ for to aid in the pursuit of study or research (grad) sometimes taxable Research grants - may be taxable, depends on use Research Assistant - almost always taxable Teaching Assistant - almost always taxable BUT can be exempt from SS tax
8 TYPES OF INCOME Stipends - A form of salary generally taxable Lower than permanent salary for similar work. Carries other benefits - accreditation, instruction, food, and/or accommodation. Universities usually refer to money paid to graduate students as a stipend, rather than as wages, to reflect complimentary benefits
9 NON-COMPENSATORY A Duke student receives financial support to do research solely for her thesis that is needed for her degree. The research is not for, nor does it provide a benefit to a faculty member. COMPENSATORY A faculty member is working on a project and pays a student to assist with the research. The student participation is not a degree requirement/ If the student was not assisting with the research, the faculty member would have to hire someone else to do the work or do it himself. A student is paid a stipend to participate in a conference directly related to their graduate studies. No work is performed. A student is paid a stipend to attend a faculty member s conference, arrange seating, mail invitations, and provide chauffeur service to/from hotels. As part of a degree program, a Duke student is paid to participate in summer internship program at an outside organization where he will focus on learning research techniques. He will not be providing a service to the outside organization, but is in a learning role. A student is paid as an intern in a Duke department for providing research assistance. There is no program designed to train students as part of their degree requirements. The student is providing a needed service.
10 TAXABLE v NON-TAXABLE For Scholarships/Grants/Fellowships Tax-free or taxable depends on type of expenses paid with the funds and whether you are a degree candidate
11 QUALIFED EXPENSES Tuition and fees required for enrollment Course-related expenses (fees, books, supplies, equipment) must be required of all students in the course
12 NON-QUALIFED EXPENSES Insurance Medical expenses (including student health fees) Room and board Misc. Fees (Recreation, Parking, Activity) Research Travel Clerical help Equipment & other expenses that are not required for enrollment
13 TAXABLE vs NON-TAXABLE For Scholarships/Grants/Fellowships Degree Candidate Portion used to pay Qualified Expenses is not taxable Not reported on tax return
14 TAXABLE vs NON-TAXABLE For Scholarships/Grants/Fellowships Degree Candidate Portion NOT used to pay Qualified Expenses is taxable Reported on tax return
15 TAXABLE vs NON-TAXABLE For Scholarships/Grants/Fellowships Non-Degree Candidate Fully taxable
16 Reporting Documentation W2 Type of Income Wages ie/ Teaching Assistant, Work-study, compensatory internships 1099-Misc Scholarships, fellowships, non-compensatory internships & post-doctoral awards with tax withholding Courtesy Letter Scholarships, fellowships, non-compensatory internships & post-doctoral awards without tax withholding 1098T Duke administered financial aid posted directly to the Bursar Account (Does not include financial aid administered by third parties) 1042S Earnings that fall within the scope of a tax treaty, scholarships, fellowships, noncompensatory internships & post-doctoral awards
17
18 W2 Issued by Duke Payroll Services to: students who have a work requirement in order to receive their scholarship, grant or fellowship money. all employees of Duke University and Duke University Health System who are US citizens, permanent residents or residents for tax purposes. to foreign national employees who are not eligible for or do not claim a tax treaty. to foreign national employees whose earnings exceed allowable maximums of a tax treaty.
19
20 1099-MISC Issued by Accounts Payable to students who are US citizens, permanent residents, or residents for tax purposes, and who receive payments through the non-compensatory payment system. Any scholarship and fellowship payment for which the student elected to have taxes withheld. All postdoctoral scholars and student internship payments. Box 3 Non-compensatory payments - payments Duke University makes to individuals who are receiving payments for scholarships, fellowships, summer internships, or post-doctoral training activities. Individuals receiving these payments are not considered a Duke employee, and are receiving funds through Duke University for educational enrichment opportunities. Box 7 Nonemployee Compensation Unlikely that you would receive independent contractor compensation from Duke or another funding agency for your role as a graduate student. Self-employment is indicated by income reported in Box 7 of a 1099-MISC. If you receive Box 7 income from your role as a graduate student, you may want to double-check with the issuing body that they have issued you the correct form.
21 Courtesy Letter
22 Courtesy Letter Issued by Payroll Services to students..who are US citizens, permanent residents, or residents for tax purposes, who receive scholarships or fellowships through the noncompensatory payment system, and.who choose not to have tax withholdings taken from their payments Duke is not obligated, and doesn t report this amount to the IRS. This does not mean, however, that the payments are not taxable. It is up to the student to determine whether or not this is reportable income. This information is provided as a courtesy.
23
24 1098T Box 2 The amount of qualified tuition and related expenses billed through your Bursar account. It is not the amount you paid. Box 5 The amount of scholarship and fellowship payments posted to your Bursar account T is issued by the Bursar s Office to students who are US citizens, permanent residents, or residents for tax purposes, and only to those students who had tuition & qualified fees billed during the calendar year that exceeds grants & scholarships posted during the same period. Payments from Duke posted to your Bursar account for university billed charges such as tuition and insurance are reported in Box 5 as scholarships or grants and should be included when adding up your scholarship and fellowship income.
25 Four Steps to Reporting 1. Add up how much you received in scholarship and fellowship income. 2. Determine how much you paid towards qualified educational expenses. 3. Calculate the taxable portion of your scholarship and fellowship income. 4. Report the income and educational expenses on your tax return.
26 1 Add up your Scholarship & Fellowship Income Potential sources for the information... W-2 Form 1099-Misc, Box 3 Courtesy Letter Form 1098-T, Box 5 Bursar Account Detail
27 2 Determine how much you paid towards Qualified Expenses Two potential sources. Form 1098-T Box 2 Personal records (checks, paid receipts, credit card statements)
28 3 Calculate Taxable Portion of Scholarship & Fellowship Income Example Worksheet 1-1, IRS publication 970
29 4 Report the Income and Educational Expenses on your Tax Return
30 Turbo Tax
31 EARNED v UNEARNED INCOME Any income reported on Box 1 of a W-2 (or Box 7 of a 1099-Misc) is earned income. All other sources are unearned income.
32 EARNED v UNEARNED INCOME Wages, salaries, etc. Wages you receive for providing personal services are compensation could be stipends/ta/ra services Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2 - which is rare!!
33 EARNED v UNEARNED INCOME IRA or Roth IRA contributions Must have received taxable compensation (earned income) during the year
34 SOCIAL SECURITY EXEMPTION Temporary Student Exemption Work full-time in registrar s office and take advantage of tuition-free enrollment NO Attend school full-time and work part-time contingent on continued enrollment YES (TA/RA income)
35 TAX DEDUCTIONS vs CREDITS Deductions - subtracted from your income; they are amounts you don't have to pay taxes on. If your tax rate is 15%, your tax savings will be only 15% of the amount of the deduction. Credits - subtracted from your tax liability so you save 100% of the amount of your credit. Example, a $1,000 credit will reduce your taxes by $1,000, but a $1,000 deduction (in the 15% tax bracket) will reduce your taxes by only $150.
36 EDUCATIONAL TAX CREDITS/DEDUCTIONS American Opportunity Credit Lifetime Learning Credit Tuition and Fees Deduction
37 EDUCATIONAL TAX CREDITS/DEDUCTIONS All require the use of qualified expenses Cannot use same expenses as those used to reduce taxable scholarship/fellowship income
38 EDUCATIONAL TAX CREDITS/DEDUCTIONS Student Loan Interest Deduction Reduce income subject to tax up to $2,500 Loan solely to pay qualified education expenses Loan NOT from related party Income limits
39 EDUCATIONAL TAX CREDITS/DEDUCTIONS Student Loan - Capitalized Interest Unpaid interest added to the outstanding principal Treated as interest for tax purposes Is deductible as payments of principal are made on the loan (allocated) No deduction allowed in a year in which no loan payments were made.
40 TAX PAYMENTS W-2 WITHHOLDINGS 1099-MISC WITHHOLDINGS CALCULATION WORKSHEET WITHHOLDINGS
41 TAX PAYMENTS SHOULD MAKE ESTIMATED TAX PAYMENTS FOR 2017 IF YOU EXPECT TO OWE AT LEAST $1,000 IN TAX FOR 2017
42 TAX PAYMENTS after subtracting your withholding and credits and if you expect your withholding and credits to be less than; the smaller of 1. 90% of the tax to be shown on your 2017 tax return, or 2.100% of the tax shown on your 2016 tax return (110% if adjusted gross income exceeds $150,000)
43 TAX PAYMENTS QUARTERLY PAYMENT DUE DATES 1 ST QTR APR 15, ND QTR JUN 15, RD QTR SEP 15, TH QTR JAN 17, 2018
44 TAX PAYMENTS
45 RESOURCES
46 RESOURCES
47 Megan Hutchinson, CPA
If you have additional questions on this, please call Payroll & Records Management at 831-
February 2013 Recipients of Graduate Fellowship Awards: The University of Delaware is not required to report to the Federal Government or to withhold taxes on fellowship awards to U.S. citizens and resident
More informationWebinar Tax Treatment for Scholarships and Fellowships
1 Financial Management Office May 1, 2014 Updated as of 5/16/2014 Webinar Tax Treatment for Scholarships and Fellowships 2 Webinar Instructions Web conference login: URL: http://www.hawaii.edu/halawai/login.htm
More informationWest Chester University. Taxation Issues Nonresident Aliens
West Chester University Taxation Issues Nonresident Aliens Agenda Tax Compliance Issues Nonresident aliens (NRA) o Vendor Payments o Scholarships o Tuition Waivers o Prizes o Stipends Tax related Forms
More informationThe hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX University Tax Cassandra Franks, CPA Director, University Tax Services Financial
More informationThe hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX University Tax Cassandra Franks, CPA Director, University Tax Services Financial
More informationTAX FILING FOR STUDENTS AND SCHOLARS 101. Columbus Community Legal Services
TAX FILING FOR STUDENTS AND SCHOLARS 101 Columbus Community Legal Services INTRODUCTION Who are we? Part of the Catholic University of America s Columbus School of Law Columbus Community Legal Services
More informationFOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX University Tax Cassandra Franks Director, University Tax Services Financial Management Services Participant Outcomes Recognize when payment situations have
More informationPrinceton University International Undergraduate Student Tax Compliance Overview. Presented By Karen Murphy-Gordon September 2, 2011
Princeton University International Undergraduate Student Tax Compliance Overview Presented By Karen Murphy-Gordon September 2, 2011 Agenda Who we are and what we do What is expected of you How you are
More informationPrinceton University International Graduate Student Tax Compliance Overview. Presented By Karen Murphy-Gordon September 9, 2011
Princeton University International Graduate Student Tax Compliance Overview Presented By Karen Murphy-Gordon September 9, 2011 Agenda Who we are and what we do What is expected of you How you are paid
More informationNon U.S. Resident Taxes (NRA) University of Washington Student Fiscal Services
Non U.S. Resident Taxes (NRA) University of Washington Student Fiscal Services 1 Agenda U. S. Source of Income Scholarships Fellowships Tuition Waivers Prizes Stipends Social Security Number Tax Related
More informationBasic Tax Workshop for UCSF Students for the 2017 tax year
Basic Tax Workshop for UCSF Students for the 2017 tax year Tuesday February 27, from 12-1pm in N517 and Monday March 5, from 12-1pm in N217 Zoom: https://ucsf.zoom.us/j/8531229278 Daniel Roddick Resource
More informationTax Basics Workshop, for Professional Degree Students at UCSF
Tax Basics Workshop, for Professional Degree Students at UCSF Tuesday 2/12/19 in S-214 Wednesday 2/20/19 in CL 221-222 and Monday 2/25/19 in N-225 Zoom: https://ucsf.zoom.us/j/8531229278 Daniel Roddick
More informationUNIVERSITY OF DAYTON NONRESIDENT ALIEN TAX GUIDE CONTENTS COMMON VISA TYPES AND THEIR TREATMENTS
UNIVERSITY OF DAYTON NONRESIDENT ALIEN TAX GUIDE CONTENTS I. RESPONSIBILITIES II. III. IV. SOCIAL SECURITY NUMBER REQUIREMENT DEFINITIONS TAX TREATIES V. PAYMENTS TO NONRESIDENT ALIENS VI. COMMON VISA
More informationMICHIGAN DEPARTMENT OF TREASURY
MICHIGAN DEPARTMENT OF TREASURY 2015 To explain Michigan filing requirements Who must file a Michigan Income Tax Return (MI-1040) Give instructions and guidelines on how to complete the MI-1040 and other
More informationSponsored by University Student Financial Services PERSONAL TAXES. Jodi R. Kessler, LLM Tax Manager Harvard University
Sponsored by University Student Financial Services PERSONAL TAXES Jodi R. Kessler, LLM Tax Manager Harvard University 1 DISCLAIMER Federal income tax; states may differ Information is specific to US citizens
More informationTax Information for US Resident Students and Scholars. Nabih Daaboul Carol McNeil Rich Wagman PricewaterhouseCoopers LLP
Tax Information for US Resident Students and Scholars Nabih Daaboul Carol McNeil Rich Wagman PricewaterhouseCoopers LLP 1 Fellowship Stipends (Not Earned Income) Regarding Students: Fellowship stipends
More informationNOTE: In August 2011, you will receive a pro-rated stipend amount of $2,101.45, as your August start date is 8/4.
August 31, 2011 Dear Combined Degree Students, There is some confusion regarding the years of the program in which you have no taxes withheld from your stipend check, and need to file estimated taxes and
More informationStudent's Guide to Federal Income Tax
Publication 4 Cat. No. 46073X Department of the Treasury Internal Revenue Service Student's Guide to Federal Income Tax For use in preparing 1998 Returns Contents Introduction... 2 Where Do My Tax Dollars
More informationTax Workshop for MIT Students and Scholars. Residents for Tax Purposes
Tax Workshop for MIT Students and Scholars Residents for Tax Purposes Wednesday March 6, 2019 1 Presenters Present Information: Chris Durham Assistant Director of HR/Payroll & Merchant Services Jodi Kessler
More informationNon-Resident Alien Frequently Asked Questions
Materials Management: Payroll Time and Attendance Unit Non-Resident Alien Frequently Asked Questions TAX FILING: DO I NEED TO FILE / WHEN DO I FILE? What happens if I fail to file my taxes? If you owe
More informationParent and Student Guide to Federal Tax Benefits For Tuition and Fees (for Tax Year 2006) Understanding the Hope Scholarship Tax Credit
National Association of Student Financial Aid Administrators Parent and Student Guide to Federal Tax Benefits For Tuition and Fees (for Tax Year 2006) Understanding the Hope Scholarship Tax Credit What
More informationOverview of Taxation for Students
Overview of Taxation for Students Disclaimer This session has been created under the premises of the Volunteer Income Tax Assistance Program (VITA), a program of the Internal Revenue Service. In offering
More informationTax Information for Foreign National Students, Scholars and Staff
Information for Foreign National Students, Scholars and Staff I. Introduction For federal income tax purposes, foreign national students and scholars are categorized in one of two ways: Nonresident alien
More informationTax Workshop for MIT Students and Scholars. Residents for Tax Purposes. Download Slides here: https://goo.gl/q1tigg
Tax Workshop for MIT Students and Scholars Residents for Tax Purposes Download Slides here: https://goo.gl/q1tigg Monday, February 26, 2018 1 Presenters Present Information: Chris Durham HR/Payroll Manager,
More informationTax Reporting for Inbound Students
Tax Reporting for Inbound Students March 10, 2017 www.moorestephensdm.com PRECISE. PROVEN. PERFORMANCE. US Tax Residence 101 Defined in Internal Revenue Code (IRC) Section 7701(b) - Determined based on
More informationTax Information for Foreign National Students, Scholars and Staff
Information for Foreign National Students, Scholars and Staff I. Introduction For federal tax purposes, foreign national students and scholars are categorized in one of two ways: Nonresident alien for
More informationVendor Set-Up Process
Vendor Set-Up Process Office of the Controller April 26, 2018 Karen Kittredge, Manager, Policy and Business Process Teri DeLeon, Procure to Pay Manager Sharon Henry-Bell, Accounts Payable Operations Supervisor
More informationOUTDATED. Back to Index. Policy 3-22 Rev. Date: April 30, Subject: STIPENDS AND TAX EXEMPT PAYMENTS PURPOSE
Policy 3-22 Rev. Date: April 30, 1976 Back to Index Subject: STIPENDS AND TAX EXEMPT PAYMENTS I. II. PURPOSE To establish a policy and related procedures for administering stipends for scholarships and
More informationIn year 1 you may be supported in one of the following ways:
October 1 st 2015 Dear BGS Students, There is some confusion regarding the years of the program in which you get no taxes withheld from your stipend check, and need to file estimated taxes and the years
More informationFOREIGN NATIONAL TAX PROCEDURES GUIDE FOR DEPARTMENTS. Document created and modified by Financial Services Revised February 8, 2018
FOREIGN NATIONAL TAX PROCEDURES GUIDE FOR DEPARTMENTS Document created and modified by Financial Services Revised February 8, 2018 Table of Contents Pages Introduction 1 Definition of Terms 2-5 Frequently
More informationTuition Benefits and Taxation. A Guide to Understanding your Benefits and Potential Tax Liability
Tuition Benefits and Taxation A Guide to Understanding your Benefits and Potential Tax Liability Tuition Eligibility and Tax Information Undergraduate Tuition Employee Spouse Dependent child Non-dependent
More informationTax Issues Associated with Reporting Fellowships
Tax Issues Associated with Reporting Fellowships John Barrett Tax Manager-University of California Office of the President-CFO Division Benjamin Tsai Senior Tax Analyst Arthur Quilao Tax Compliance Analyst
More informationTAX GUIDE FOR FOREIGN VISITORS. Anne E. Davenport, CPA October 2012
TAX GUIDE FOR FOREIGN VISITORS FOR USE BY: All Employees and Students Anne E. Davenport, CPA October 2012 Updated June 24, 2016 Table of Contents Introduction...1 Section 1: Definition of Terms...2 1.1
More informationPrize, Grant, Award or Fellowship Policy Review Session
Prize, Grant, Award or Fellowship Policy Review Session Office of the Controller Karen Kittredge, OC, Manager Policy and Business Process Natasha Rivera, OC, Nonresident Alien Compliance Manager 1 Financial
More informationMICHIGAN DEPARTMENT OF TREASURY
MICHIGAN DEPARTMENT OF TREASURY 2013 To explain the filing requirements Who must file a Michigan Income Tax Return (MI-1040) Give instructions and guidelines on how to complete the MI-1040 and other Michigan
More informationBASIC TAX WORKSHOP FOR INT L STUDENTS. Tax Information Session for MIT International Students in Non-Resident Status for Tax Purposes March 2017
BASIC TAX WORKSHOP FOR INT L STUDENTS Tax Information Session for MIT International Students in Non-Resident Status for Tax Purposes March 2017 MIT International Students Office & Office of the Vice President
More informationSUBJECT: Payments to Nonresident Aliens
Number 43 UNIVERSITY OF MAINE SYSTEM Issue 1 Page 1 of 2 Date 1/18/02 ADMINISTRATIVE PRACTICE LETTER INTRODUCTION SUBJECT: Payments to Nonresident Aliens United States tax law requires the University of
More informationGUIDE TO IRC CONTRIBUTION LIMITS 2018
GUIDE TO IRC CONTRIBUTION LIMITS 2018 UNIVERSITY OF MICHIGAN BASIC RETIREMENT PLAN AND 403(B) SUPPLEMENTAL RETIREMENT ACCOUNT For new hires, voluntary participants in the Basic Retirement Plan and compulsory
More informationTax Treatment of Incentive Payments
Tax Treatment of Incentive Payments By Brad Caftel bcaftel@insightcced.org August 2001 Through a new program, government and private funders will assist at least 200 low-income families to gain self-sufficiency.
More informationNonresident Alien Tax Compliance
www.arcticintl.com ARCTIC INTERNATIONAL LLC Nonresident Alien Tax Compliance A Closer Look The Who, What When, How and Why... NACUBO Tax Forum 2013 Who... is required to withhold and report?... is a Nonresident
More informationTax Reporting for Inbound Students
Tax Reporting for Inbound Students March 9, 2018 www.moorestephensdm.com PRECISE. PROVEN. PERFORMANCE. US Taxation Resident vs. Nonresident Resident - Taxed on worldwide income - Allowed worldwide deductions
More informationTax Issues Associated with Reporting Fellowships
Tax Issues Associated with Reporting Fellowships John Barrett Tax Manager-University of California Office of the President-CFO Division Benjamin Tsai Senior Tax Analyst Arthur Quilao Tax ComplianceAnalyst
More informationUNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 12/31/2010
UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 12/31/2010 OVERVIEW The following is a summary of the financial highlights contained in the second quarter report for fiscal year 2010-11: Cash and Accounts
More informationCSS/Financial Aid PROFILE Early Application Instructions.
CSS/Financial Aid PROFILE 2013-14 Early Application Instructions www.collegeboard.org INSTRUCTIONS Read the instructions as you fill out the PROFILE Early Application. Mistakes will delay the processing
More informationUNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2013
UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT OVERVIEW Financial highlights of the Fiscal Year 2012-13 3 rd quarter financial report are summarized below: Cash (pages 2-3) The University s cash position
More informationINTERNATIONAL TAX. Presented by Fiscal Services
INTERNATIONAL TAX Presented by Fiscal Services Agenda Overview Definitions Travel Reimbursements Scholarships/Fellowships Self-Employment Income Payments Vendor Payments Objectives Understand International
More informationFOREIGN VISITOR TAX GUIDE
FOREIGN VISITOR TAX GUIDE University of Missouri-St. Louis The Foreign Visitor Tax Guide (Rev February 2017) is consistent with UMSL s policies and procedures for making payments to nonresident aliens.
More informationHCM Specialists User Group. May 10, 2018
HCM Specialists User Group May 10, 2018 Agenda Resource updates Hiring Payroll Transfers Terminations Payments to International Students/Scholars 2 3 Resource Updates Updated Resources Available 4 www.vanderbilt.edu
More informationTY2018 VITA Advanced Certification Test - Study Guide
Scenario 1: Smith TY2018 VITA Advanced Certification Test - Study Guide Issue #1 Qualified Education Expenses, Taxable Scholarships (p4012 Tab J) When a taxpayer has more scholarships than Qualified Educational
More informationFellowships Toolkit:
Fellowships Toolkit: A Reference Guide to Fellowships, Reimbursements and Other Payments to U.S. Citizens and Non-Resident Aliens Office of the Controller January 1, 2015 Table of Contents INTRODUCTION:
More informationFY 19 & 20 Operating and Capital Budget Calendar Page 1 of 5
Page 1 of 5 August 1, 2018 Run faculty salary report in data warehouse to validate base salary correct notify Provost of discrepancies (this is different than the Payroll report) September 2018 FY 2019
More informationIndividual Income Tax Organizer 2016
MICHAEL R. ANLIKER, CPA, P.C. 5348 Twin Hickory Rd. Glen Allen, VA 23059 TELEPHONE: (804) 237-6044 FAX: (804) 237-6064 www.anlikerfinancial.com Individual Income Tax Organizer 2016 This Tax Organizer is
More informationU.S. Income Tax Workshop for Foreign Students & Scholars Rice University Office of International Students & Scholars February 22, 2017 Presented by
U.S. Income Tax Workshop for Foreign Students & Scholars Rice University Office of International Students & Scholars February 22, 2017 Presented by Crystal C. Gates, Tax Principal Kelley C. Heng, Tax Supervisor
More informationPaying Your Income Taxes. Advanced Level
Paying Your Income Taxes Advanced Level What are taxes? A sum of money demanded by a government for support of itself and specific programs and services; paid by taxpayers Take Charge Today February 2017
More informationGlacier Guide for Departments, v. 3.3 Page 1 GLACIER ONLINE NONRESIDENT ALIEN TAX COMPLIANCE SYSTEM. Glacier Guide for Departments
Glacier Guide for Departments, v. 3.3 Page 1 GLACIER ONLINE NONRESIDENT ALIEN TAX COMPLIANCE SYSTEM Glacier Guide for Departments All Glacier-related documents & forms are available in electronic format.
More informationTaxation of: U.S. Foreign Nationals
Taxation of: U.S. Foreign Nationals 2017 Edition ZanderSterling.com 1 The information contained in this publication is provided for general informational purposes only and is based on U.S. income tax law
More informationUNIVERSITY OF PITTSBURGH NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SUMMARY PLAN DESCRIPTION
UNIVERSITY OF PITTSBURGH NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SUMMARY PLAN DESCRIPTION Revised: June 2016 TABLE OF CONTENTS Subject Section Page PARTICIPATION I 2 RETIREMENT BENEFITS II 6 DEATH
More informationPayments to Foreign Nationals. March 11, 2013
Payments to Foreign Nationals March 11, 2013 Workshop Presenters Denise Esworthy University Payroll and Benefits Assistant Payroll Manager Kami Van Bellehem University Payroll and Benefits Payroll Specialist
More informationTY2017 VITA Basic Certification Test - Study Guide
Scenario 1: Albright TY2017 VITA Basic Certification Test - Study Guide Issue #1 Minimum Essential Coverage (MEC) (p4012 Tab H) See p4012 s ACA tab for a list of what counts as MEC Issue #2 Penalties for
More informationAddendum: An addition to an existing document, such as additional terms or a modification of terms.
Research Corporation of the University of Hawai i 2.002 Definitions Accountable Plan: A business reimbursement expense plan for the payment of business expenses incurred by a service provider (such as
More informationUnderstanding Your W-2
Understanding Your W-2 The following information is intended to answer the most frequently asked questions regarding the content and distribution of your W-2, which is needed to file income tax returns.
More informationNon-Resident Tax Workshop February 28, 2013 UTSA, Business Building Room Presented by:
Non-Resident Tax Workshop February 28, 2013 UTSA, Business Building Room 2.06.04 Presented by: Christine Bodily, Payroll Department, 458-4283 Christine.Bodily@utsa.edu Cherilyn Patteson, Office of International
More informationPayments to Foreign Nationals. March 9, 2015
Payments to Foreign Nationals March 9, 2015 Workshop Presenters Kelly Sellers University Payroll and Benefits Assistant Payroll Manager Kami Van Bellehem University Payroll and Benefits Payroll Specialist
More informationSubject: IMPORTANT TAX INFO FOR INTERNATIONAL STUDENTS FOR TAX YEAR 2018
Subject: IMPORTANT TAX INFO FOR INTERNATIONAL STUDENTS FOR TAX YEAR 2018 WHAT: Mandatory International Student Tax Requirements WHO: All international students and dependents WHEN: Tax Forms for Year 2018
More information608 Taxability of Employee Benefits
Page 1 of 9 608 Taxability of Employee Benefits Approved by President Sidney A. McPhee, President Effective Date: January 1, 2019 Responsible Division: Business and Finance Responsible Office: Business
More informationSummer Academy in Applied Science and Technology School of Engineering and Applied Science, University of Pennsylvania
Summer Academy in Applied Science and Technology School of Engineering and Applied Science, University of Pennsylvania SUMMER 2015 FINANCIAL AID APPLICATION FORM For US Citizens Please submit a copy of
More informationSECTION C: Tax Manual I MISC
SECTION C: Tax Manual I. 1099-MISC The Internal Revenue Service requires a 1099-MISC form be issued to independent contractors, other individuals, LLCs, and unincorporated businesses that have received
More informationOperating Budget FY 2009 Budget (in $M)
Operating Budget REVENUES Tuition and Fees 671.8 Financial Aid (230.4) Grants and Contracts - (Direct and Indirect) 387.4 Endowment Distribution 272.5 Other Investment Income 48.1 Gifts and Restricted
More informationPayments to Non-Resident Aliens
Payments to Non-Resident Aliens Finance and Administration Financial Operations The Office of Disbursements Who Is a Non-Resident Alien? Index Why Are Payments to Non-Resident Aliens Subject to Tax Withholding?
More informationPAYROLL & RELATED TAX ISSUES. Bruce A. Beyler, CPA
PAYROLL & RELATED TAX ISSUES Bruce A. Beyler, CPA Index of Topics u u u Worker Classification Compensation Fringe Benefits u Some New Items for 2016 u u u u Wage & Tax Statement (Form W-2) and Box 12 Codes
More information2017 Income Tax Data-Itemizer
Documents Used to Verify Primary Taxpayer Identity: (select one) Driver's License (complete detail below) State issued identification card (complete detail below) Passport IDENTITY VERIFICATION WORKSHEET
More informationRUTGERS POLICY. Responsible Executive: Senior Vice President for Finance and Administration
RUTGERS POLICY Section: 40.2.5 Section Title: Fiscal Management Policy Name: Policies and Procedures for Payment for Intellectual Property, Honoraria or other Miscellaneous Services, and Payments to Nonresident
More informationUNIVERSITY OF PITTSBURGH NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SUMMARY PLAN DESCRIPTION
UNIVERSITY OF PITTSBURGH NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SUMMARY PLAN DESCRIPTION Revised: August 2012 TABLE OF CONTENTS Subject Section Page PARTICIPATION I 2 RETIREMENT BENEFITS II 7 DEATH
More informationCalculating MAGI Under the Tax Cut and Jobs Act
Calculating MAGI Under the Tax Cut and Jobs Act Presented on October 17, 2018 By I. Richard Gershon Professor of Law University of Mississippi School of Law I. What is MAGI and What is it Used For? MAGI
More informationTAX POLICY AND PROCEDURE GUIDE FOR INCOME PAYMENTS TO ALIEN INDIVIDUALS
TAX POLICY AND PROCEDURE GUIDE FOR INCOME PAYMENTS TO ALIEN INDIVIDUALS Revised as of November 2007 University of Alabama at Birmingham Revision Date: November 2007 PREFACE The Tax Policy and Procedure
More informationChapter. Federal Income Tax. 7.1 Our Tax System 7.2 Filing Tax Returns South-Western, Cengage Learning
Chapter 7 Federal Income Tax 7.1 Our Tax System 7.2 Filing Tax Returns 2010 South-Western, Cengage Learning Lesson 7.1 Our Tax System GOALS Why do we pay taxes? What are the different types of taxes? Describe
More informationTax Workshop for Foreign Nationals Preparing 2018 Forms Douglas Kelley
Tax Workshop for Foreign Nationals Preparing 2018 Forms Douglas Kelley Guest Lecturer Lamden School of Accountancy San Diego State University Before we begin Filing taxes means submitting tax forms (or
More informationUNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2017
UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2017 OVERVIEW Financial highlights of the fiscal year 2016-17 3 rd quarter financial report are summarized below: Cash (pages 2-3) The University
More informationFY 2019 Budget Guidelines
DIVISION OF FINANCE & ADMINISTRATION OFFICE OF BUDGET & PLANNING FY 2019 Budget Guidelines WHAT S NEW FOR FY 2019 Dates: Phase I Lump Sum Budget Process will run from Friday, February 9, 2018, until Wednesday,
More informationCoverdell Education Savings Account (ESA)
7. Coverdell Education Savings Account (ESA) Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell
More informationPAYROLL ACCOUNTING 2014
Bernard J. Bieg and Judith A. Toland PAYROLL ACCOUNTING 2014 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a
More informationPROFESSIONAL JUDGMENT INFORMATION STATEMENT/REVIEW FORM 2017/2018
Office of Financial Aid 2127 Campus Drive, Durham, North Carolina 27708 (919) 681-3247 Email: grad-finaid@duke.edu PROFESSIONAL JUDGMENT INFORMATION STATEMENT/REVIEW FORM 2017/2018 Duke University Graduate
More informationCampus Fellow Summary Chart
Campus Fellow Summary Chart Line Description Taxpayer s Forms Directions Instructions and Special Notes 1-5 Filing Status Social Security Cards (or SSA-1099, SS letter, ITIN) Choose filing status in interview
More informationUnrestricted Cash / Board Designated Cash & Investments December 2014
Unrestricted Cash / Board Designated Cash & Investments December 2014 25.0 20.0 21.0 20.8 18.9 19.9 15.0 10.0 11.5 12.8 11.6 9.1 10.4 9.8 11.1 10.2 9.8 17.0 16.8 15.4 14.7 14.2 14.1 13.6 13.0 12.0 10.2
More informationCSS/Financial Aid PROFILE Early Application School Year
Section A --- Student s Information 1. Student s Name: Last Name First Name M.I. 2. Student s permanent mailing address: Street address City Zip or Postal Code Country 3. Student s preferred telephone
More informationProjections/Estimated - Unrestricted Cash / Board Designated Cash & Investments September 2017
Projections/Estimated - Unrestricted Cash / Board Designated Cash & Investments September 2017 25.0 20.0 17.1 16.9 15.0 10.0 11.7 11.0 9.1 10.1 9.7 7.7 7.0 6.8 15.1 14.8 11.5 13.1 13.8 9.9 11.4 12.2 8.4
More informationChapter 3. Objective 1 Identify the Major Taxes Paid by People in Our Society Planning Your Tax Strategy. Chapter Objectives
Chapter 3 Taxes in Your Financial Plan McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Taxes in Your Financial Plan Chapter Objectives 1. Identify the major taxes
More informationNelson CPAs, LLC Tax Organizer. Table of Contents. Personal Information Dependent Information Tax Refunds and Payments...
Nelson CPAs, LLC 2017 Tax Organizer Table of Contents Personal rmation... 1 Dependent rmation... 2 Tax Refunds and Payments... 3 Purchases, Sales and Debt rmation... 4 Income rmation... 5 Retirement rmation...
More informationForeign Student and Scholar Volunteer Tax Return Preparation. VITA Training 1
Foreign Student and Scholar Volunteer Tax Return Preparation VITA Training 1 e-learning Options & Understanding Taxes Website http://www.irs.gov/app/understandingtaxes/index.jsp VITA Training 2 Foreign
More information2018 Individual Worksheet Questionnaire:
2018 2018 2018 Individual Worksheet Questionnaire: Client Name: Email address: Mobile Telephone#: ATTENTION: Business Owners: (which includes Sole Proprietors; Rental Property Owners; Farms; Corporations
More informationReceiving payments in the U.S. Angela Gwinn
Receiving payments in the U.S. Angela Gwinn Payroll Payroll Department is part of the Office of Human Resources. 720 University Place, 2 nd floor in Evanston Abbott Hall, 8 th floor in Chicago 1071532
More informationUNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2011
UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2011 OVERVIEW Financial highlights of the 3 rd quarter financial report for fiscal year 2011-12 are summarized below: Cash The University s cash
More informationTAX PRIMER FOR PARENTS COMPLETING A PFS
TAX PRIMER FOR PARENTS Use this primer to get an understanding of which few tax forms will be most helpful to you as you complete your PFS. This primer doesn t provide an overview of every possible tax
More informationIMPORTANT TAX INFORMATION
CITY OF ASHTABULA INCOME TAX DEPARTMENT (440) 992-7104 Fax (440) 992-7556 Hours Monday Friday 8:30 AM 4:00 PM www.cityofashtabula.com IMPORTANT TAX INFORMATION EMPLOYER MUNICIPAL INCOME TAX WITHHOLDING
More informationAdvanced Volunteer Summary Chart
on Marital Status and Household Information Marital Status and Household Information 1. 1. Filing Status Social Security Cards (or SSA- 1099, ITIN) 2. Dependents List and Total Number of Exemptions Wages,
More informationADVANCED CERTIFICATION STUDY GUIDE Tax Year 2018
ADVANCED CERTIFICATION STUDY GUIDE Tax Year 2018 Table of Contents ADVANCED SCENARIO 1: Aiden Smith... 1 ADVANCED SCENARIO 2: Sean Yale... 2 ADVANCED SCENARIO 3: Tom and Carol Baker... 3 ADVANCED SCENARIO
More informationLawrence University Student Payment Agreement and Disclosure Statement 12.00%
Lawrence University Interest Rates and Interest Charges Annual Percentage Rate (APR) for Student Account Charges 12.00% How to Avoid Paying Interest Minimum Interest Charge Interest is charged on balances
More informationPage 1 of 6 UC Santa Barbara Policy 5145 Policies Issuing Unit: Administrative Services Date: May 1, 1985 I. REFERENCES: Under Revision Contact Accounting PAYMENTS TO ALIENS A. U.S. Tax Reform Act of 1984,
More informationWikiLeaks Document Release
WikiLeaks Document Release February 2, 2009 Congressional Research Service Report RL32554 An Overview of Tax Benefits for Higher Education Expenses Pamela J. Jackson and Christian Gonzalez, Government
More informationTax Benefits for Higher Education
Department of the Treasury Internal Revenue Service Publication 970 (Rev. December 1998) Cat. No. 25221V Tax Benefits for Higher Education Contents Introduction... 1 Education Tax Credits... 2 Rules That
More information