Payroll Taxes
Payroll Taxes
The amount deducted for Federal Income Tax, Social Security and Medicare Taxes are based on the Department of the Treasury, Internal Revenue Service, Publication15, Circular E. To change your federal withholding tax, you must complete a new W-4 form.
Each individual employee has variables on their tax return, such as deductions and exemptions, that are unique to their own personal situation that can produce a different outcome. Taxes are withheld based on the IRS tax tables that are uploaded directly to Skyward and your W4 Form elections. The tax tables are updated yearly per federal guidelines and not figured manually. We are a semi-monthly pay employer (24 paychecks), not a bi-weekly (26 paychecks). This can make a difference in figuring taxes per paycheck. A few things to be aware of that may change your tax obligation throughout the calendar year: Tax table changes, an increase in pay (step or union increases), and change of position.
Please note that the Payroll office cannot advise employees as the appropriate amount of income tax to be deducted. This type of advice should be obtained from a certified public accountant.