Payroll Changes & W-2s
As talk of the fiscal cliff and changes in federal legislation heat up many of you may be confused about changes you can expect to see in your 2013 paycheck. The most important change involves the elimination of the temporary payroll tax reduction. This tax reduction (which had been in effect for 2011 and 2012) was not extended by the legislation. As a result, Augustana employees will see their Social Security withholding on 2013 earned income return to the former level of 6.2% an increase from the 4.2% deducted during the last two years, up to the Social Security wage base ($113,700 for 2013).
The payroll staff is already hard at work preparing W-2's for all Augustana employees as well as student workers. These will be postmarked no later than January 31, 2013 and we hope to have them out even sooner. For the first time, this year's W-2 will contain a new box that calculates the value of your healthcare benefit. This is for information only and will not have tax implications. As always, please be sure to keep your current mailing address updated to delay any forwarding of your W-2 or other important materials. You can use the link here (Update your employee information) to notify us of any changes.
If you have questions or concerns about your pay or your W-2, please feel free to contact Cindy Descamps at x7499 or any member of our payroll staff.