New to VPF Website: Guidance on Payment Types and Tax Implications
VPF’s Tax and Global Operations team has created a handy reference for MIT administrators who process payments to individuals beyond regular semimonthly or weekly payroll.
Update on International Wire Payments
VPF Accounts Payable processes more than 100 international wire payments per week in payments for goods or services or travel reimbursements to persons doing business with the Institute. These international wires are handled by Bank of America (MIT’s bank) which is required to address the U.S. Treasury Office of Foreign Assets Control (OFAC) guidelines before processing international wire payments.
VPF Point Person: Roberto Escobar
Roberto Escobar loves many things about his job — especially learning new things and meeting new people. He joined VPF’s Sponsored Accounting unitin February after serving on the VPF Travel and Card Services team, where he processed travel expense reports and provided training to DLCs on travel policies and processes.
Selection of Source Form
Use this new Selection of Source webform for purchases of $10,000.01 to $250,000 to document your supplier selection process. This form is not required when procuring from an MIT Preferred Supplier unless an exclusion applies. See What is a Preferred Supplier for details.
Changes to Travel Policy
MIT recently revised its travel policy in an effort to address the challenges and rigors of international and complex domestic travel schedules.
Why was there an increase in the Massachusetts Income Tax withholding in my latest paycheck?
The Commonwealth of Massachusetts allows for a tax deduction for Social Security (FICA) and Medicare taxes up to $2,000. The MIT payroll system takes this deduction into account when calculating how much to withhold for your Massachusetts income tax. Once the Social Security and Medicare year-to-date balances reach $2,000, your effective MA tax withholding will be slightly higher. This adjustment occurs each calendar year.
MIT Report of the Treasurer is Now Available
The 2016 Report of the Treasurer was released on September 9, 2016.
Tax Treaty Guidance at Atlas Service Center Via Zoom
VPF HR/Payroll is on hand to address tax treaty questions. The team is available by Zoom on Tuesdays and Thursdays, 10:00 am to 4:30 pm, to help students, faculty, researchers, and staff determine their U.S. tax status and complete required forms. Visit the Atlas Service Center website to set up an appointment via Zoom.