Angela M. Alford, MBA
Manager
Suite 505 Harborview Tower
(843) 792-4937 Office
(843) 792-6157 Fax
alfordam@musc.edu
| 2011 Tax Update Effective January 1, 2011, the MUSC Payroll department implemented the new federal tax tables, as well as the reduced social security rate issued by the IRS. All 2011 paychecks will reflect the changes. Below are a few highlights: 1. The Making Work Pay Tax Credit which was implemented in February 2009 expired December 31, 2010. Employees will notice that the amount of federal taxes withheld from their paychecks will slightly increase in January 2011 due to the expiration of this tax credit. See IRS Publication 15 for additional information. Employees may submit a revised W-4 at anytime throughout the year to the Human Resource Department (fax: 792-9533). 2. The employee social security rate has been decreased from 6.2% to 4.2%. Employees will notice that the amount of OASDI taxes withheld from their paychecks will decrease in January 2011. See IRS Notice 1036 for additional information.
The payroll department is not authorized to advise employees on individual tax matters. Please reference IRS.gov for additional guidance or please contact your personal tax advisor for additional information. |
