CURRENT NEWS

Social Security Taxes for 2008 - The Social Security Administration (SSA) announces that the Social Security wage base will increase in 2008. This wage base will be $102,000 beginning with the first payroll of 2008. This represents an increase of  $4500 over the 2007 base. The maximum contribution will be $6,324.000 versus the $6,045.00 max in 2007, an increase of $279.00. The Medicare portion of FICA does not have a wage base or maximum contribution.

The FICA tax that comes out of your check each pay day is the social security tax and is calculated at 6.2% of taxable wages up to the maximum of $6,324.00. The MQFE tax is the Medicare portion and is taxed at the rate of 1.45% of taxable wages and has no maximum.

Optional Life Insurance - The premiums you pay through payroll deduction for the first $50,000 of Optional Life Insurance are now treated as pre-tax dollars if you are participating in the Money Plus program.  This means the deduction reduces your taxable wages before taxes are calculated on the wages.   The premiums for coverage over $50,000 will be treated as any other payroll deduction.

W2's - The W2's for the 2007 tax year have been distributed. The Payroll Office has federal and South Carolina state tax forms. All employees can come by 21 Tillman Hall and pick up the forms that they need.

 If you have questions, please contact:     Wayne Broach