Aloha,
Please see the attached memo regarding FICA Tax Exemption Status for Students and the PTS Deferred Compensation Form. The memo provides information for student employees about the changes, if any, to their FICA codes for the summer. Students need to complete the Student Assistant FICA Exemption Questionnaire. Once completed if it is determined that there should be a change in FICA from N to K then the PTS Deferred Compensation Form needs to be completed and both forms returned to their Supervisor.
Please be aware that the proper coding for FICA will be based on student’s responses on the questionnaire. If for some reason circumstances for students change during the summer it will be their responsibility to inform their supervisor about those changes. In the event of an over-assessment or an under-assessment, students may be required to refund or recover the PTS Deferred Compensation amount and the Medicare tax (see memo for more details)
Due the time sensitive nature of these changes, all of the Questionnaires and PTS Deferred Compensation forms are due to the HR office no later than Friday, May 30, 2014.