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#MakingEquityRealatBC

See the full schedule of #MakingEquityRealatBC events occurring May 2-6.

Second Annual Giving Day a Great Success

The Beloit College community is generous and showed its heart and soul during its second annual Giving Day on Wednesday, April 20, 2016. In just 24 hours, the college raised over $65,000 from more than 450 supporters.

Not only did the gifts far surpass the original goal of $25,000, the event also raised $25,000 more than last year. Beloit is touched by the fantastic response received from supporters and is grateful to be backed by such a strong foundation of alumni, parents, faculty, staff, and friends. These gifts help make ‪#‎BeloitPossible for the next generation of Turtles, Bucs, and Beloiters.

The unconditional support, enthusiastically offered by our alumni, parents, and friends is a tribute to the character of our community, and the value that we all collectively recognize in the mission we seek to advance. We at Beloit are privileged to have a community so willing to invest in the future of our great institution, and our students. For this, we are grateful,” said Mark Wold’95, Senior Director of Alumni & Parent Relations and Annual Support.

Thank you to all who supported Beloit College’s second annual Giving Day. As College President Scott Bierman often says, it’s “turtles all the way down.”


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Check paycheck for tax changes

January 18, 2011 at 7:00 am

 

As you may have heard in the news, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was enacted on Dec. 17. The act not only included extensions to certain tax provisions, but also made some changes that affect your payroll tax withholdings and, consequently, your net pay. The major payroll provisions are summarized below. 

  • Federal income tax withholding - The act extended the Bush tax-cut provisions for all income levels through 2012. These are the individual federal income tax rates (currently set at 10, 25, 28, 33, and 35 percent) which determine the amount of tax withheld on your paycheck. However, the Making Work Pay tax credit that was enacted last year was not extended and expired Dec. 31, 2010.  This credit was enacted as part of the American Recovery and Reinvestment Act and gave a $400 credit to most single taxpayers and an $800 joint tax credit to most married tax payers. 2010 withholding rates were adjusted to include this credit.

As a result, even though the federal income tax rates have not increased, with the expiration of the Making Work Pay credit, your federal tax withholding may increase slightly. This tax is coded Federal Withholding on your direct deposit advice and you may notice a change beginning with your first paycheck in 2011.

  • Social Security tax withholding – The act cut the Social Security tax paid by employees for one year. Normally, employees and employers each pay 6.2 percent on earnings. In 2011, the employee portion of the tax will be reduced to 4.2 percent, reducing your withholding each paycheck. This tax is coded as FICA Withholding on your direct deposit advice and you should notice the reduction beginning with your first paycheck in 2011.  The act requires that employers continue to pay the full 6.2 percent of Social Security and the Medicare tax of 1.45 percent will remain in effect for both employee and employer.

The new tax provisions will take effect automatically and you should review the new withholding amounts on your first 2011 paycheck. If you determine you need to modify your withholding, you can get a new W-4 form at www.beloit.edu/humanresources  (click on Employee Forms from the list on the left side of the page).  You will have to complete the form, print, sign and submit it to the payroll office. If you prefer a paper copy of the form or if you have questions regarding the changes in tax withholding, please contact Gail at paterosg@beloit.edu or ext. 2298 or Luz at martinlu@beloit.edu or ext. 2157.