News During the Calendar Year
The following communication was sent to the eReq system community on 12/12/14
In order to strengthen financial controls, and implement purchasing practices consistent with other large institutions of higher education similar to NYU, a revised policy and process regarding the self-approval of requisitions (e-Reqs) is being implemented.
Effective December 15, 2014 any e-Reqs over the threshold of $2,500 may no longer be self-approved.
Self-approvals are defined as those e-Reqs where the individual entering the requisition and the final approver are the same person. Changes have been made within the e-Req system that will stop the approval from occurring if an e-Req that is greater than $2500 is being both entered and approved by the same individual.
E Reqs that are $2500 or less will not be subject to this new process.
For those departments that have a current approval hierarchy in place that requires those e-Reqs less than $2,500 to be approved by more than one approver this process will remain in place.
Splitting one requisition to a supplier that is over the $2500 threshold into several requisitions to enable self-approval is not permitted.
December 12, 2014
PeopleSync Update: Student Payment Issues
The following communication was sent to Fiscal Officers on 11/24/14
It has come to our attention that, due to system errors, the following issues regarding student payments have occurred:
Issue: FICA (OASDI and Medicare) taxes have been incorrectly withheld from some students’ recent paycheck(s).
COMPLETE: The system error was corrected so that FICA taxes will not be incorrectly withheld from the impacted students’ paychecks going forward.
IN PROGRESS: Impacted students will be refunded for the FICA taxes withheld incorrectly.
Issue: 100% of some students' pay was incorrectly charged to 51118 (Federal Work Study), when the pay should have been split between 51118 (25%) and the project (75%).
We apologize for any inconvenience. We will be reaching out to you and impacted students in the coming days with more information, including dates when the corrective actions listed above will be complete.
If you have any questions about these issues, please contact PeopleLink at AskPeopleLink@nyu.edu or call 212-992-LINK (5465) and enter 289327.
NYU Payroll Department
November 24, 2014
Per IRS Regulations, Cash gifts (including gift cards, gift certificates charge card, credit card, etc.), no matter how little, are considered taxable income and are subject to withholding tax.
IRS Publication 15-B - Cash and cash equivalent fringe benefits (for example, use of gift card, charge card, or credit card), no matter how little, are never excludable as a de minimis benefit, except for occasional meal money or transportation fare.
November 18, 2014
In an effort to secure and streamline departmental purchases made at the NYU Book and Computer Stores, the paper, approved purchaser “lists” maintained by the Stores will be retired immediately.
Going forward departmental purchases made at the NYU Book and Computer Stores can be made using the following widely utilized and easy to use methods:
Option 1: iBuy Marketplace
- Registered users of the iBuy Marketplace can place their orders with the NYU Computer and Book Stores from their offices, or from the kiosk at the stores and have the items delivered, or held for pick up. This method utilizes the workflow built in to the eReq system to ensure that proper budgetary approval is received for the purchase.
- Non-registered users can utilize the iBuy Shopper feature. iBuy Shopper is a feature that allows non-registered users to browse/shop in the iBuy Marketplace using their NYU Home net id and password (eReq profile is not required). Once a shopping cart is created in iBuy, it can be emailed to your department approver for ordering.
For any questions regarding the iBuy Marketplace please contact email@example.com.
Option 2: Purchasing Card (P-Card)
- The NYU Purchasing Card is utilized for low dollar purchases, and is accepted as a payment mechanism at the NYU Book and Computer Stores for purchases under $2,500.
- Please check with your department administrator to ascertain if your department currently has a P-Card.
For any questions regarding the P-Card please contact firstname.lastname@example.org.
Option 3: Pre-Paid Cards
- Pre-paid cards (up to a value of $250) may also be used for purchases at the NYU Book and Computer Stores.
October 6, 2014
- Replacing all definitions and policy statements regarding sponsored programs with links to the SPA Handbook;
- Expansion of the guidelines for Business Travel, including global travel and preferred vendors;
- Replacing insurance-related sections with links to relevant information on the Insurance & Enterprise Risk Management website;
- Updates to the guidelines for purchasing goods and services, including links to the relevant sections of Procurement web pages;
- Update to the policy with respect to use of external legal counsel and the payment of related invoices.
- If you have any questions about this policy, please e-mail email@example.com.
September 15, 2014
With the recent launch of PeopleSync, you will notice the following changes to how you access and manage your Payroll information:
You can now:
- Manage your direct deposit in PeopleSync.
- Select up to five direct deposit accounts for your pay.
- With your first pay date in April and going forward, you will be able to view your payslips in PeopleSync - additional passwords are no longer required.
- Payslips issued prior to April 2014, will still be accessible via the Payment Image Viewing Tool in NYUHome.
- You will no longer receive an email notification alerting you when your pay advice is available. You can log in to PeopleSync on your pay date to view your latest payslip.
To access PeopleSync, log in to NYUHome and click PeopleSync under the Work tab.
For more information about PeopleSync, including videos and tip sheets, please visit www.nyu.edu/peoplesync.
For questions regarding PeopleSync or your pay, please contact PeopleLink, NYU's integrated HR and Payroll service center.
Phone: 212-992-LINK (5465)
Hours: Monday - Friday 8am - 6pm
April 1, 2014
The following Tax Updates take effect January 1, 2014:
Social Security and Medicare Rates and Wage Base:
For 2014, the Social Security tax rate is 6.2% unchanged from 2013 with a wage base limit of $117,000, the maximum employee contribution is $7,254.00. The Medicare tax rate is 1.45% also unchanged from 2013. There is no wage base limit for Medicare tax.
Additional Medicare Tax:
In addition to withholding Medicare tax at 1.45%, as of 2013 there is 0.9% withholding on wages in excess of $200,000 in a calendar year.
Supplemental Wage Payment - Flat Withholding Rates:
Supplemental wages are wage payments to an employee that are not regular wages. They include, but are not limited to, bonuses, commissions, premium pay, vacation payout, sick payout, severance pay, awards, prizes, back pay, retroactive increases, non-deductible moving expenses, taxable fringe benefits, etc. The 2014 flat tax rates are as follows:
Federal = 25%
Federal = 39.6% (supplemental wages exceeding $1 million in a calendar year)
State (NY) = 9.62%
Local (NYC) = 4.25%
For Federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage.
Jan 1, 2014