Withholding Information

Taxable Imputed Income

Certain payments to University employees are taxable, such as payments for commuting expenses, parking costs (above the qualified parking amount), health insurance reimbursements, relocation expenses, storage fees, employee gifts (above $100 in value) and some tuition costs. The University does not reimburse for these costs. If a School or department chooses to cover these costs for an employee, they are considered taxable and will be reported to Payroll for inclusion on the employee’s W-2.

 

2018

 

FICA OASDI (Social Security) up to the maximum wage of $128,400 will be taxed at the rate of 6.2%. The maximum withholding on FICA EE OASDI for 2018 is $7,960.80.

FICA Medicare for all employees will be taxed at the rate of 1.45%.

The Additional FICA Employee Medicare rate of 0.90% will be taxed on employees who reach over $200,000 in earnings. (Employees in this category will be taxed at a total Medicare Rate of 2.35%.)

There is no cap on Medicare Wages.

 

Supplemental Wage Tax Rates for 2018

 

Fed Tax up to $1M

25% for paychecks dated prior to 1/31/18

22% for paychecks dated 1/31/18 or later 

Fed Tax above $1M

39.60% for paychecks dated prior to 1/31/18

37% for paychecks dated 1/31/18 or later

FICA OASDI up to $128,400

6.20%

FICA MEDI

1.45%

FICA MEDI Supplement (above $200,000)

0.90%

New York State

9.62%

New York City

4.25%

Yonkers

1.61135%

 

 



Click here for W-2 Information.

 


 
 

2017

 

FICA OASDI (Social Security) up to the maximum wage of $127,200 is taxed at the rate of 6.2%. The maximum withholding on FICA EE OASDI for 2017 is $7,886.40.

FICA Medicare for all employees is taxed at the rate of 1.45%.

Additional FICA Employee Medicare rate of 0.90% is taxed on employees who reach over $200,000 in earnings. (Employees in this category are taxed at a total Medicare Rate of 2.35%.)

There is no cap on Medicare Wages.

 

Supplemental Wage Tax Rates for 2017

 

Fed Tax up to $1M

25%

Fed Tax above $1M

39.60%

FICA OASDI up to $127,200

6.20%

FICA MEDI

1.45%

FICA MEDI Supplement (above $200,000)

0.90%

New York State

9.62%

New York City

4.25%

Yonkers

1.61135%

 

 



Click here for W-2 Information.