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Payroll Tax Rate Changes

posted Jan 4, 2013, 8:31 AM by Wasiewicz, Mark
Important!

We're informing you about an important upcoming payroll tax rate change. The Middle Class Tax Relief and Job Creation Act of 2012 extended the employee 2% FICA tax rate reduction through the end of 2012.  Under current law, this temporary reduction expired at the end of December 2012. 

What does this mean to you?

  • Effective for the January 10th pay check your FICA tax rate will increase 2% from 4.2 to 6.2%, thus lowering your net pay amount accordingly.
  • Staff members who have direct deposit please review your pay stub and note your new net pay amount.

If you have any questions, please feel free to contact Mark Wasiewicz at 716-366-7792 x212 or wasiewiczm@stel.org.