Each year, the lnternal Revenue Service (IRS) issues new federal income tax tables for employee withholdings. New income tax tables for 2013 were released after we processed payroll for Jan. 4, 2013. The new rates have been loaded into the payroll system and taxes for the Jan. 18, 2013 payday will be impacted. The withholding changes are minor.
As previously announced, the two percent FICA (Social Security) tax cut implemented for 2011 and extended for 2012 expired under the “fiscal cliff” compromise reached by Congress. As a result, the FICA tax rate for 2013 is 7.65 percent, which was correctly reflected in the Jan. 4, 2013 paycheck.
As you plan your personal budget for 2013, you may need to adjust your tax withholding, which can be done via the Employee Self Service feature. For more information on how to change your W-4 status, click here. (The Payroll department is unable to provide tax advice as to what you can claim.)
For more information, please contact payroll@clemson.edu.
