"Mileage Reimbursement" Archive

Expense reimbursements moving to direct deposit

This message provided by the Accounts Payable team: 

Faculty and staff, we are very pleased to provide expense reimbursement payments by direct deposit. All reimbursements will now be deposited directly into your bank account like your paycheck.

You will automatically be enrolled in the direct deposit initiative. This new service provides several benefits to faculty and staff, including receiving a faster and secure payment. Your primary bank account on file with Payroll will be the default bank account used for reimbursement requests processed through Accounts Payable. Reimbursements made through Accounts Payable can only be made to one bank account. To change the default bank account for Accounts Payable, complete a new Wake Forest Direct Deposit Authorization form and submit the form to Payroll.

This will take effect March 25, 2013.

Your payment advice (a description of the payment processed by Accounts Payable) will be delivered to your primary Wake Forest email address. This will give you the option to save your remittance electronically.

If you have any questions, please contact Accounts Payable by email at ap@wfu.edu.

 

Mileage rate increases

Effective Feb. 18, the University will raise the reimbursable mileage rate for business miles to the recent Internal Revenue Service rate of .565 cents per mile. The University is adopting this new maximum rate for all employee business travel that occurs on or after Feb. 18. For any travel before Feb. 18, the reimbursement rate will be the old rate of .51 cents per mile.

An updated travel form will be published at http://finance.wfu.edu/. Please use the appropriate voucher that corresponds with your travel dates. If you have any questions, please contact Alice Hernandez, Accounts Payable Representative, at campus extension 5833 or by email at hernanah@wfu.edu.

Payroll Withholding Taxes/Mileage Reimbursement changes for 2011

Finance and Accounting Services and Human Resources are providing this information to inform employees of 2011 payroll withholding changes and an increase in the mileage reimbursement rate.

Payroll Withholding Taxes

The Federal Withholding Tax tables substantially changed for 2011.  Included in the changes is a decrease in the Social Security withholding rate from 6.2% to 4.2%.  This decrease is a result of a federal tax bill that was passed in late December.  A few highlights of the 2011 tax changes and how they may impact the Wake Forest community are as follows:

  • Faculty and staff may see an overall increase in their net pay check due to the 2% reduction in Social Security taxes.
  • Employees earning less than $84,000 per year will likely have a small federal income tax withholding increase, due to expiration of the “Making Work Pay Credit.”  However, this increase may be offset due to the reduction in Social Security taxes.
  • Advanced Earned Income Credit has also expired, increasing federal tax withholding for those people who used it. Again, this increase may be offset by the reduction in Social Security taxes.

Most students will probably see an increase in their tax withholdings due to the expiration of the “Making Work Pay Credit.” Generally,  students do not pay Social Security tax, so they will not benefit from the reduction in Social Security taxes.
Mileage Reimbursement Rate Increase

Effective January 1, 2011, the Internal Revenue Service increased the maximum tax free mileage reimbursement rate to 51 cents up from 50 cents per mile.  The University is adopting this new rate for all business travel that occurs on or after January 1, 2011. Please use the new reimbursement rate of 51 cents when preparing expense vouchers.

An updated travel form will be published on the Financial and Accounting Services website under “Travel and Entertainment Voucher.” Please use the voucher that corresponds with the appropriate travel dates.  If you have any questions, please contact an Accounts Payable Representative.

If you have questions, please contact Human Resources at 758-4700 or askhr@wfu.edu or Payroll at 758-4741 or payroll@wfu.edu.

Mileage reimbursement rate increase

Effective January 1, 2011, the Internal Revenue Service increased the maximum tax free mileage reimbursement rate to 51 cents up from 50 cents per mile. The University is adopting this new rate for all business travel that occurs on or after January 1, 2011.

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