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The IRS permits certain students to be exempt from paying FICA when they work at the college they are attending (Internal Revenue Code 3121(b)(10)). Payroll and Employee Services in Norman or Payroll Services at HSC can provide basic information about forms and documents.
FICA Exemption: To be exempt from paying FICA, a student must be in a student worker title and be enrolled as follows: International students that are not residents of the U. These students should NOT use Turbo Tax or other self-filing services meant for U.
Other questions about tax withholding should be directed to your tax professional.
The W-2 tax form reports your earnings during the previous year. Anatomy of Your W-2 Tax Form: Everything you want to know about your W-2 Tax Form is on this one-page tip sheet.
Updating Direct Deposit: Submit a completed authorization form and a voided check or other banking document as directed on the form.
Alternative to Direct Deposit: Employees that do not provide direct deposit information will receive their wages deposited on the Key2Prepaid Pay Card through Key Bank.
Key2Prepaid Pay Card information is available on the State of Oklahoma website.
The W-4 tax form describes the level of federal income tax withheld from your paycheck.
This can be done in Payroll Distribution, which is not part of Payroll and Employee Services.
These contributions are called "Sooner Credits" and are listed on the left side of your paycheck earnings statement.
Sooner Credits are used for the core insurance programs: medical, dental, life insurance, and accidental death & dismemberment.
This end-of-year tax form is mailed by March 15 to employees with applicable earnings.
Visit with your accountant or tax adviser if you have more questions about your 1042-S tax form.