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[teacherartexchange] taxes -important!

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Heather_Hayes_at_TeacherArtExchange
Date: Sat Aug 04 2007 - 20:12:57 PDT


http://www.tsta.org/news/current/#IRS
According to this article from Texas State Teacher's Association, new IRS
guidelines call for an additional %20 tax on all annualized salaries. (if
you get paid during the summer while not working, you're annualized) If
you are annualized, you need to do one of 2 things to avoid the tax: 1)
submit a request in writing for your salary to be annualized or 2) make
sure that your district has a written policy saying that annualization is
mandatory for that district. THIS IS SUPPOSED TO BE DONE BEFORE THE FIRST
DAY OF THE NEW SCHOOL YEAR!!!

I haven't been able to find much info on this online...but according to the
news report I saw tonight (fox news), not many people know about this new
tax, and there is a lot of confusion surrounding it.

You guys should contact your HR departments to see what specific steps you
should take.

Heather Hayes

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