Tax increase to impact Jan. 15 paycheck
University employees’ paychecks will see a tax increase for the Jan. 15 pay period because of recent congressional action, according to a memo from the university’s payroll department.
Congress did not extend the Social Security tax deduction this year, so the tax Social Security withholdings will increase from 4.2 percent to 6.2 percent and net pay will be impacted.
Other tax changes include an increase in the Medicare deduction and new income tables from the Internal Revenue Service for 2013. More information about these changes can be found in the memo.
Employees can view the Jan. 15 paycheck with these changes in the VIP system using the “upcoming paycheck” function. If you have questions regarding VIP tools or tax withholding, please contact University Payroll at 777-4227.
The full memo is available here.
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