[Plantsci] FW: IMPORTANT: Tax & Paycheck Changes Beginning with First Paycheck in 2024

[Enriquez, Lizeth - (lizenriquez)]

Hello,

I wanted to make sure everyone received this information, please let me know if you have any questions.

Thank you




Best,

Liz Enriquez
HR Generalist II
School of Plant Sciences
THE UNIVERSITY OF ARIZONA


From: FNSV-paynews at arizona.edu <FNSV-paynews at arizona.edu>
Sent: Wednesday, January 10, 2024 9:32 AM
To: Enriquez, Lizeth - (lizenriquez) <lizenriquez at arizona.edu>
Subject: IMPORTANT: Tax & Paycheck Changes Beginning with First Paycheck in 2024


[Financial Services Payroll logo]

To:                        All Employees



From:                   Michelle Meyer, Director, Payroll Administration



Subject:               Federal Tax & Paycheck Changes Beginning with First Paycheck of 2024



New federal tax withholding tables have been released and the Social Security wage base has increased. Please take a moment to review these changes to ensure your information is accurate.



Federal Tax Changes
The Internal Revenue Service (IRS) has issued new tax withholding tables that are now in effect. The University payroll system has been updated and this change will be reflected on your Friday, January 12, 2024, paycheck.

If you would like to make changes to your withholding, submit a revised Form W-4 by going to UAccess Employee > UA Employee Main Homepage > Payroll and Compensation Tile > W-4 Tax Forms > W-4 Tax Information.

If you are wondering how these changes will impact your take-home pay, please contact your tax advisor to ensure you have the correct tax withholding for the current tax year.

Here are additional resources for information regarding tax withholding:


•         IRS Publication 15-T<https://www.irs.gov/pub/irs-pdf/p15t.pdf>

•         2020 Changes to Form W-4<https://financialservices.arizona.edu/payroll/employees/taxes/w4-2020>

•         Exploring Your Payroll and Compensation Tools training<https://arizona.sabacloud.com/Saba/Web_spf/NA7P1PRD161/common/ledetail/0000014272/latestversion>

•         IRS Tax Withholding Estimator<https://www.irs.gov/individuals/tax-withholding-estimator>

•         PaycheckCity Calculator<https://www.paycheckcity.com/calculator>

Social Security (FICA) Change
The Social Security Administration has announced that the 2024 wage base will increase to $168,600, which is up from $168,200 the previous year. The FICA tax rate remains the same at 6.2% on covered wages and will remain in effect until the end of the 2024 calendar year unless there is further federal legislation.

As in prior years, there is no limit to wages subject to the Medicare tax. Therefore, covered wages up to $200,000 are still subject to the 1.45% tax, and covered wages over $200,000 will be subject to an additional .9% tax.

View Topic No. 751 Social Security and Medicare Withholding Rates<https://www.irs.gov/taxtopics/tc751> for more information.

If you have questions, please contact Payroll at 520-621-9097 or FNSV-Payroll-Info at arizona.edu<mailto:FNSV-Payroll-Info at arizona.edu>.

Please note that the Payroll Department and its employees are not authorized to provide any tax advice.

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