Tax Information

 

The Payroll Office does not provide tax advice

2014 Tax Rates

Social Security:  rate is 6.20% and has a wage limit of $117,000

Medicare: rate is 1.45% with no limit
                additional Medicare tax effective January 1, 2013,  .9% on wages greater than $200K

Federal: rate is calaculated based on status & exemptions and graduated tax brackets set by the IRS
              supplemental tax rate on additional wages is a flat 25%

Massachusetts: rate is 5.2% and based on exemptions claimed 

To change your tax withholdings:

You may change your tax status by filling out a new W4 (federal) or M4 (state of MA) at any time during the year. 

The IRS has helpful tools to determine federal withholdings for your W4:
http://www.irs.gov/Individuals/IRS-Withholding-Calculator

Links to 2014 withholding forms:

http://www.irs.gov/pub/irs-pdf/fw4.pdf -W4

http://www.mass.gov/dor/docs/dor/forms/wage-rpt/pdfs/m-4.pdf -M4

Print the applicable form for a tax withholding change, complete, sign and submitt original form to the Payroll Office, RAU 012