[Plantsci] FW: IMPORTANT: Tax Changes Beginning 1/1/2012

[Donna-Rae Marquez]

From: paynews at fso.arizona.edu [mailto:paynews at fso.arizona.edu] 
Sent: Wednesday, January 11, 2012 10:34 AM
To: dmarquez at ag.arizona.edu
Subject: IMPORTANT: Tax Changes Beginning 1/1/2012

 

FEDERAL TAX CHANGES - EFFECTIVE 1/1/2012:

The Internal Revenue Service (IRS) has issued new tax withholding tables effective 1/1/2012. The University of Arizona's payroll system has been updated to reflect this change. The new tables will be used to calculate your tax withholdings as of 1/1/2012. The effect of this change will be reflected in your 1/13/2012 pay check.

 

 The changes might change your take home pay. You may want to contact your tax advisor if you are working multiple jobs and/or if you are married (both working) to ensure that you have enough withholding for the calendar year.

 

If you would like to make changes to your withholding, please submit a revised W-4 using the link below.

 <http://uaccess.arizona.edu/> http://uaccess.arizona.edu/

·         Main Menu

o   Self Service

o   Payroll and Compensation

o   W-4 Tax Information

 

Here are some helpful links:

 <http://www.irs.gov/individuals/article/0,,id=96196,00.html> http://www.irs.gov/individuals/article/0,,id=96196,00.html

 <http://www.paycheckcity.com/> http://www.paycheckcity.com/

 

SOCIAL SECURITY (FICA) Change - EFFECTIVE 1/1/2012:

The Social Security Administration (SSA) has announced that the 2012 social security wage base will increase to $110,100. The FICA tax rate change to 4.2% for the employee portion only will remain in effect until February 29, 2012, unless there is further federal legislation to change this.

 

As in prior years, there is no limit to wages subject to the Medicare Tax; therefore, all covered wages are still subject to the 1.45% tax. 

 

Please be informed that the Payroll Department is not allowed to provide any tax advice.

 

Thank you.

 

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