JD Hancock via Compfight
The following article was taken from: http://www.nekls.org/payroll-tax/ and reposted with author permission. Laura DeBaun is the Library Services Consultant and Business Manager at NEKLS.
Washington and Topeka have been changing things for 2013 payroll. Happy New Year!!!
The social security tax withheld from employee’s 2013 wages is going back to what it used to be in 2010. That is the social security tax withheld for 2013 will be 6.2 % and the medicare tax withheld will be 1.45%. That equals a total of 7.65% to be withheld for employee FICA tax in 2013, which will again be the same percentage as the employer tax for the library.
There is a new additional medicare tax on employees of .9%. This is an additional tax for individuals earning $200,000 or more, and will also impact people filing jointly with combined income of $250,000 or more. The link for more information from the IRS is here:
Federal withholding tax that should be withheld based on the number of exemptions your employee has claimed on their W-4 form. The revised federal withholding tax tables are not available at this time. I will be sending out the link when the IRS releases the revised tables. Those using QuickBooks with the payroll tax tables will receive a notice to update. Do this at once.
Kansas withholding tax is based on the number of exemptions your employee has claimed on their K-4 form. The KS Withholding Tax Tables for 2013 are new rates. Please toss any old copies your may have and print copies of the pages that you need for your purposes. QuickBooks users with the payroll tax tables will receive these as an update.
Hope this is of help!