Emailed to all-employees@nmsu.edu
To: All Employees
From: Payroll Services
Subject: 2013 IRS and Tax Information
Please see below for information which may impact your paycheck in 2013:
- The Social Security tax rate has returned to 6.2%. The 6.2% tax rate is applied on taxable wages up to $113,700.
- There is a new tax requirement for high wage earners. Employee’s earning $200,000 or more in 2013 will be taxed an additional .9% in Medicare tax on any wages in excess of $200,000.
- The IRS has issued new federal tax withholding tables which could change your tax withholding amounts.
- The State of NM has issued new state tax withholding tables which could change your tax withholding amounts.
- The IRS recommends individuals review W-4 status and withholding allowances each year. IRS Publication 919 will assist you in determining if you should file a 2013 W-4 for the new tax year.
- Employees may at any time throughout the year choose to complete a new Form W-4 Employees Withholding Allowance Certificate to change filing status and/or the number of withholding allowances.
- Employees eligible to claim exemption from withholding tax for 2013 must submit a current year Form W-4, Employee’s Withholding Allowance Certificate. Forms submitted in 2012 claiming exemption will expire on 2/15/2013.
- Contribution limits for 403(b) and 457 plans have increased to $17,500 with an additional $5,500 available for employees reaching their 50th birthday in 2013.
The Internal Revenue Service has not published the 2013 Form W-4 but it is anticipated soon. The form will be made available on the IRS website and the HR Services website at http://hr.nmsu.edu/forms/. The Tax Sheltered Annuity and 457 Salary Reduction Forms are located at http://hr.nmsu.edu/benefits-hr/financial-security-benefits/retirement-savings-plans/.
For information regarding IRS regulations or other tax legislation, please visit the IRS website at www.irs.gov or consult with your tax professional.