2020 Treasurer’s Report Released
The MIT 2020 Report of the Treasurer was published on Friday, September 11, 2020, and is available on the Publications page of the VPF website.
Purchase Order and Requisition Closeouts for 2020
As the end of the fiscal year approaches, please note that purchase order closeouts can be completed by using the Close Purchase Orders form. Go to the B2P homepage, and under MIT Buying and Paying Resources, choose “Close Purchase Order” to access the form.
New Policies for Travel Card and Procurement Card Now in Effect
VPF implemented several changes to policies governing use of the MIT Travel Card and Procurement Card (ProCard) on May 18, 2020.
Have a Recurring Small-Dollar Purchase? Use Your ProCard
If you make recurring small-dollar purchases for your DLC, you should use the Procurement Card (ProCard) instead of issuing a blanket purchase order (PO). This preferred payment method should be used for items such as dry ice, FedEx shipping fees, lab coat cleaning or rental fees, and cell phone bills.
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.
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.
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.