TSS - General Tax Questions – FICA (Social Security and Medicare) Taxes

General Tax Questions – FICA (Social Security and Medicare) Taxes

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First Published  :Mon Dec 01 18:18:58 GMT 2014
Last Modified  :Wed Oct 09 16:37:42 GMT 2019
Last Published  :Wed Oct 09 16:37:42 GMT 2019
Summary :  Reference for all employees who have general questions about payroll taxes for employees of the University. Audience: Employees

Response

Primary Information

    Tufts Support Services (TSS), located on the Medford campus, maintains the systems, processes, and information used to pay Tufts employees, including personal information, job-related data, tax information, and employee benefits deductions.
     
    Please contact TSS with all general tax-related questions.
     
    All employees working in the US are subject to FICA (Social Security-OASDI & Medicare) taxes except:
    1. Students working on campus during the school year- MUST be enrolled in classes at least half time as defined by SIS
    2. Foreign nationals who qualify for FICA exemption (must have completed the foreign national form)
    Social Security  (OASDI) tax rate is 6.2% up to earnings of $118,500 for 2015 and 2016, $127,200 in 2017 and $128,700 for 2018.  Once these caps are met, earnings over the amount are not taxed for Social Security. This is why you may notice an increase in taxes in the first paycheck of the new calendar year.  Medicare tax rate is 1.45% with no limits.  The Additional Medicare Tax was legislated as part of the Affordable Care Act, and has been in effect since 2013. Under this mandate, in addition to withholding Medicare tax at 1.45%, employers must withhold a 0.9% Additional Medicare Tax from wages paid to an employee once earnings reach $200,000 in a calendar year. (shows on paycheck stub as (Fed Addl Med)
      
    Please note that Tufts cannot provide advice or assistance in completing tax forms.  All inquiries should be addressed to a professional tax service such as HR Block.  Also - social security withholding is required of each employer. If the employee has reached a personal limit any amounts withheld over the cap is claimed back on their annual tax return. Tufts cannot give that credit, only the IRS.

     
     

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Keywords

    tax, tax statement, tax deduction, W-2, W-4, tax collection, tax return, FICA, Social Security, Medicare