Instant HR: Pre-tax parking and leave reminder
Dear HR colleagues, please review the updates below and share them with employees in your area.
Pre-tax parking
I’m pleased to share that parking costs for VCU employees will once again be offered at pre-tax rates. Effective December 20, 2019, the 2017 Tax Cuts and Jobs Act was repealed, which included the parking tax.
Beginning with the December 25, 2019 pay period, the amount employees pay for parking using payroll deduction will revert to a pre-tax deduction and will be excluded from the taxable income on their W-2. As a result, the federal tax withholding for employees will likely decrease. The specific reduction amount will depend on individual tax brackets.
Leave reminder
As a reminder, all University and Academic Professionals received a new bucket of university leave on January 10, 2020. This leave is used for all work absences and takes the place of the previous personal, sick and annual leave categories. Keep in mind that while the total number of leave hours are immediately available for employee use, University and Academic Professionals continue to accrue these hours during the year. Employees who separate from the university and have used more leave than they accrued will be required to pay back the difference to VCU. Learn more about leave at go.vcu.edu/leave or visit myVCU.
As always, thank you for your support and dedication to the VCU mission.
Best wishes,
Cathleen C. Burke Assistant Vice President for Human Resources Virginia Commonwealth University
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