Year-end pay stub can be helpful with tax prepartion
REPORT OF SECRETARY-TREASURER – By DONNA LATOUF
A very happy and prosperous New Year to all. A reminder to the officers who itemize their deductions on their 2016 income taxes — save your year-end pay stub, paid Dec. 23, 2016, as it has the following useful information:
● Code 44010 — DPOA dues paid for the year
● Gross annual earnings
● Federal, state and city income tax amounts withheld
These amounts are useful in tax preparation. In addition, for those hired after March 1986, “MEDC” deduction should amount to the 1.45 percent of your earnings, contributed to the Medicare system. This should be brought to the attention of your tax preparer. Do not confuse the deduction with your medical insurance deductions, which are listed as “Hospital.”
Please make sure that all your beneficiaries are correct and up to date. Every officer has at least two mandatory life insurances and a pension annuity.
As always, if you need any assistance with any of your life insurance policies, medical health insurance or supplemental insurances under code 40654, contact me at the office.
Questions and assistance with your Medical, Dental and Vision Benefits can be directed to the Benefits Express: 1-855-224-6200.
Condolences to the family of Myron Jarrett, who was killed in the line of duty. Condolences also to the families of officers Hadi Mahmoud and William Hamilton, who both died while active. Our prayers will always remain with you.
In the year 2016, we’ve had 10 classes start the Academy, with a total of 306 placed on payroll. There are currently 86 officers on FMCA’s, and two on military leave.