2024 Form W-2 Update

The update for Form W-2 is that in addition to box 12 FF, GG, and HH, a new box 12 code, II, has been added for Medicaid waiver payments excluded from gross income under Notice 2014-7.

For more information, see the General Instructions for W-2 and W-3: https://www.revenue.alabama.gov/individual-corporate/overtime-exemption/

 

Federal Income Tax Withholding 2025 Updates

The updates for federal income tax withholding effective January 1, 2025 are:

• The annual additional amount of a nonresident alien employee, who was first paid wages before 2020 and has not submitted a Form W-4 for 2020 or later, increases from $10,300 to $10,700.

• The annual additional amount of a nonresident alien employee, who has submitted a Form W-4 for 2020 or later or was first paid wages in 2020 or later, increases from $14,600 to $15,000.

• The percentage method’s tax brackets were adjusted.

 

2024 Federal W-2 Electronic Filing Updates

The updates for Federal W-2 Electronic Filing are effective January 1, 2025:

• The RO (Employee Optional) Record & RU (Total Optional) Record were updated to add BOX 12 code II Income from Exclusion Of Medicaid Waiver Payments (IEMWP-II).

RO (EMPLOYEE OPTIONAL) RECORD POSITION	FIELD NAME	LENGTH	FIELD SPECIFICATIONS
144-154	Income from Exclusion of Medicaid Waiver Payments (Code II)	11	No negative amounts. Right justify and zero fill. This field is valid from 2024 through the current tax year.

 

RU (TOTAL OPTIONAL) RECORD POSITION	FIELD NAME	LENGTH	FIELD SPECIFICATIONS
190-204	Income from Exclusion of Medicaid Waiver Payments (Code II)	15	Enter the total for all RO (Employee Optional) Records reported since the last RE (Employer) Record. Right justify and zero fill. This field is valid from 2024 through the current tax year.

 

• The RCO (Employee Optional) Record & RCU (Total Optional) Record were updated to add BOX 12 code II Income from Exclusion Of Medicaid Waiver Payments (IEMWP-II).

RCO (EMPLOYEE OPTIONAL) RECORD POSITION	FIELD NAME	LENGTH	FIELD SPECIFICATIONS
277-287	Originally Reported Income from Exclusion of Medicaid Waiver Payments (Code II)	11	Enter the incorrectly reported data. No negative amounts. If not making a correction, fill with blanks.
288-298	Correct Income from Exclusion of Medicaid Waiver Payments (Code II)	11	No negative amounts. If not making a correction, fill with blanks. This field is valid from 2024 through the current tax

 

RCU (TOTAL OPTIONAL) RECORD POSITION	FIELD NAME	LENGTH	FIELD SPECIFICATIONS
371-385	Total Originally Reported Income from Exclusion Of Medicaid Waiver Payments (Code II)	15	Enter the total for all RCO (Employee Optional) Records reported since the last RCE (Employer) Record. If not making a correction, fill with blanks. No negative amounts.
386-400	Total Correct Income from Exclusion Of Medicaid Waiver Payments (Code II)	15	Enter the total for all RCO (Employee Optional) Records reported since the last RCE (Employer) Record. If not making a correction, fill with blanks. No negative amounts. This field is valid from 2024 through the current tax year.

 

For more information, see the Specifications for Filing Forms W-2 Electronically:  https://www.ssa.gov/employer/efw/24efw2.pdf, or see the Specifications for Filing Forms W-2c Electronically: https://www.ssa.gov/employer/efw/24efw2c.pdf

 

2025 Social Security Wage Base Update

The update for the Social Security Wage Base is the Old-Age, Survivors, and Disability Insurance taxable wage increased from $168,600 to $176,100.

For more information, see the Social Security Fact Sheet: https://www.ssa.gov/news/press/factsheets/colafacts2025.pdf

 

Defect 2278924: This issue applied for projects with invoice approvals turned on. After a draft invoice was submitted and approved, if you changed the percent complete in Billing Terms, Interactive Billing, or Draft Invoice Approvals, the change was not reflected on the printed invoice.

Defect 2186937: This issue occurred when you entered blanket type purchase orders, and you had the Modify Not to Exceed Values via Change Order checkbox selected on the General tab in Settings » Purchasing & Inventory » Company in the desktop application. On the General tab of the Purchase Orders form, when you entered multiple change orders to change a purchase order’s original not-to-exceed amount, Vantagepoint incorrectly recalculated the not-to-exceed amount that is used for the subsequent releases of the purchase order. It should have added the not-to-exceed amounts from all the change orders to the original not-to-exceed amount. Instead, it incorrectly added only the not-to-exceed amount from the last change order to the original not-to-exceed amount.

Defect 2267725: After you made a change to labor data on the Labor tab in Hubs » Projects » Plan for an existing project or a new overhead project and then you ran an incremental data refresh in Settings » General » Analysis Cubes, the data refresh failed. In Utilities » Process Server » Queue Manager, you could see the failed refresh jobs by selecting RefreshQueue in the Queue field.

Defect 2295914: Some process server jobs took a significantly longer time to finish.