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COMPENSATION AND TAXATION Marjorie Sutton – Payroll Director Dee Bowling – Cash Operations Manager.

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Presentation on theme: "COMPENSATION AND TAXATION Marjorie Sutton – Payroll Director Dee Bowling – Cash Operations Manager."— Presentation transcript:

1 COMPENSATION AND TAXATION Marjorie Sutton – Payroll Director Dee Bowling – Cash Operations Manager

2 Compensation… If you have received a Graduate or Teaching Assistantship … And if you are you a Citizen of the U.S. or a Resident Alien Then Contact the department that employs you At a minimum you must complete the following forms:

3 I-9 EMPLOYMENT ELIGIBILITY VERIFICATION FORM

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5 W-4 EMPLOYEE’S WITHHOLDING ALLOWANCE CERTIFICATE

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7 NC-4 EMPLOYEE’S WITHHOLDING ALLOWANCE CERTIFICATE North Carolina Department of Revenue

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9 DIRECT DEPOSIT

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11 Compensation continued… If you have received a Graduate or Teaching Assistantship… And if you are a non-resident alien Then Contact your department The I-9 and Direct Deposit form should be completed AND the Payroll Office at

12 Make an appointment with Patricia Richards in the Payroll Office Allow thirty minutes to an hour for your appointment with Patricia Taxes for non-resident aliens are determined by Treaties and Visa Types

13 Be sure to bring the following: VISA / Passport If type F1 VISA bring I-20 Form If type J1 VISA bring DS2019 Form I-94 (arrival & departure document) Social Security card / Proof of application

14 Taxes Withheld from Check Federal Income Tax State Income Tax Social Security Tax Only if enrolled less than 4 semester hours (per IRS Regulations)

15 Payment Frequency Paid Semi-monthly Consult your department coordinator if you have questions about your compensation

16 Tax Benefits for Education

17 We are not tax advisors We cannot provide you with tax advice

18 We can provide you with information for consulting your tax advisor

19 Hope Credit Tax credit for qualified tuition and related expenses Generally only available during the first 2 years of post- secondary education Freshman or Sophomore

20 Lifetime Learning Credit Applies to qualified tuition and related expenses for enrollment in a course at an eligible education institution Available for you, your spouse, or dependent May be able to claim a lifetime learning credit of up to $1,000 for qualified tuition

21 Student Loan Interest Deduction Loan must be for qualified education expenses Cannot be from a related person or qualified employer plan Available for you, your spouse, or your dependent Deduction phases out, dependent upon income

22 Tuition and Fees Deduction Can decrease your taxable income Shows as an adjustment on Form 1040 or 1040A Eligibility includes you, your spouse or your dependent Applies to qualified tuition and fees required for enrollment or attendance

23 Scholarships excluded from income if amounts are used to pay qualified tuition and expenses student must keep records to substantiate the use of the amounts

24 Tuition Statement ECU will provide this completed statement at the end of each calendar year

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