Yearly tax reminders
- Employees with tax-exempt status for 2013 will be notified directly of 2014 renewal procedures in a separate mailing.
- Employee Services will mail 2013 W-2s by Jan. 31, 2014, as required. Look for a news article to be posted on the Employee Services homepage. Reissued copies of 2013 W-2s will be available starting Feb. 14, 2014. To ensure receipt of your original W-2 and to avoid any delays, please review and, if necessary, update your address. Retirees and current employees can do this using the employee portal. If you are a former employee and no longer have portal access, please complete the Address/Phone/Email Change form. If you are a student, update your address on the student and employee portal.
- The 2014 Social Security wage base is $117,000, and the withholding maximum is $7,254 with a tax rate of 6.2 percent. If 2013 contributions have stopped due to meeting the 2013 maximum, deductions will resume Jan. 1, 2014. No maximum applies for Medicare taxes, with a tax rate of 1.45 percent.
- The employee Medicare tax rate increases 0.90 percentage points, from 1.45 percent to 2.35 percent, on wages more than $200,000 in a year. The employee’s actual liability for the additional tax will depend on the employee’s filing status and the amount of wages and other compensation paid to the employee and/or spouse. The over-withholding and under-withholding of Meditax for employees will be reconciled when they file their personal tax returns.