• 403(b) contribution changes

    The IRS and Social Security Administration announced cost of living adjustments applicable to dollar limitations for 403(b) retirement plans for tax year 2022. The Social Security Wage base increased from $142,800 to $147,000. The 403(b) limit changed from $19,500.00 to $20,500 for 2022. The "catch-up" limit is unchanged and remains at $6,500.

    To enroll or change your employee contributions, please complete the 403(b) Salary Reduction Form.

  • Form W-4 Employee’s Withholding Certificate

    The IRS released a redesigned Form W-4 Employee’s Withholding Certificate for the 2020 tax year.  This form is valid through the 2025 tax year.

    Completing the W-4 is a complex process, particularly for married couples or individuals with multiple jobs or income streams. Please visit the IRS.gov/W4 website for documentation and a Tax Withholding Estimator (calculator) that can help you with the new Form W-4.

    Members of the university community should know:

    • New hires and current employees who require changes to withholding must complete the new Form W-4.
    • Current Students and Non-Resident Aliens who claimed EXEMPT from Withholding must file a new Form W-4 if they expect to have zero Federal Tax obligation. They should write EXEMPT or NRA in space below Step 4(c) on the Form W-4.
    • Any exempt filing will be changed to S-0.

    Please read more about IRS Form W-4 changes.

  • Federal Annual Standard Deduction for 2022

    • Married, Filing jointly or qualified widow(er):  $25,900, up from 2021 $25,100
    • Single or Married, Filing separately:  $12,950, up from 2021 $12,550
    • Head of Household:  $19,400, up from 2021 $18,800

    NOTE: The personal exemption for tax year 2022 remains at 0, as it was for 2019. This elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act of 2017 for tax years 2018 through 2025.

  • Social Security Wage Base for 2022

    • Social Security Taxable Wage Limit:  $147,000, up from $142,800
    • Social Security Tax Rate:  6.20%
    • Maximum Social Security Tax:  $9,114.00 up from $8,853.60
    • Medicare Taxable Wage Limit:  no limit
    • Medicare Tax Rate:  1.45%
    • Additional Medicare Employee Wage base:  starts at $200,000
    • Additional Medicare employee Tax Rate on over $200,000:  0.90%