[pps-news] January paychecks will reflect increased OASDI tax at 6.2%

[Gabriel Nwandu]

December 23, 2011

Dear PPS User,

January paychecks will reflect increased OASDI tax at 6.2%

Many faculty and staff have kept an ear tuned to the current debate in Washington D.C. about the "Payroll Tax." Last year's Tax Relief Act of 2010 reduced the employee OASDI rate for 2011 from 6.2% to 4.2%. The rate was scheduled to go back to 6.2% starting January 1, 2012.

We just heard on the news today that Congress just passed the legislation to extend the employee share of the OASDI at the 4.2% rate for another two months in calendar year 2012.

We processed the January 3rd payroll using the 6.2% employee contribution rate on December 20, 2011.  We plan to implement the newly revised rate as soon as possible before we compute the February 1, 2012 payroll. Corrections related to the January 3rd payroll over withholding will be made on your February 1st payroll.

This information was previously posted by the University of California Office of the President at http://www.atyourservice.ucop.edu/

If you have any questions, please contact Payroll Supervisor, grant.christensen at ucr.edu<mailto:grant.christensen at ucr.edu> or Payroll Director, gabe.nwandu at ucr.edu<mailto:gabe.nwandu at ucr.edu>.

Happy Holidays
UCR Payroll Office
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