Social Security Tax Related Withholdings for 2013

The Office of the State Comptroller has informed all senior college payroll offices, of the new Social Security tax withholdings for the 2013 tax year, which will be reflected in paychecks beginning January 10, 2013.

The temporary reduction in the Social Security payroll tax rate of 4.2% for employees, expired on December 31, 2012. Effective January 1, 2013, the Social Security tax rate for employees is 6.2%. Based on the employee's annual salary, the maximum Social Security tax an employee will pay in 2013 is $7,049.40.

Employees can expect to see less in their net pay as a result of the Social Security tax increase, however the Medicare tax rate of 1.45% for employees earning less than $200,000 remains in effect for 2013. Employees earning above $200,000 will be subject to an additional 0.9% Medicare tax increase.

If you have any questions, please feel free to contact Mr. Fred Goris at 646.3138276.

Security & B&G: Please post this announcement for all employees to read.

Thank you.

-Gwendolyn Harewood

Deputy Director, Office of Human Resource Services