Income tax withholding from regular paychecks is based on the W4 filled out by the employee. We will use the same withholding allowance election for both federal and state unless you indicated something different on your form.
We accept withholding changes at any time during the year, with a new W4 form completed each time. Payroll needs a completed W4 form from you before we can process your first check.
Your election will remain in effect until you change it (unless you are claiming Exempt status).
What if I claim Exempt status?
Any employee who claims exempt status on their W4 form must complete a new W4 form in January of each year per IRS regulations, because exempt status is only valid for 1 year before it expires. If a new W4 form is not received by the time the old one expires, the Payroll department is required to change your withholding to single with zero allowances.
How much is withheld for FICA?
FICA refers to the Federal Insurance Contributions Act tax, which funds Social Security. FICA deductions for 2020 are at a rate of 6.2%, with a salary maximum of $137,700.
How much is withheld for Medicare?
Medicare deductions are at a rate of 1.45%, with no maximum.
When will I receive my W-2 form?
W2 Forms are mailed to employees in January of each year.
What if I lose my W2 form?
Contact the Payroll department if you lose your W2 form, and we will reissue you a copy.