Changes in federal withholding tax tables effective Jan. 1 have resulted in a slight decrease in federal income tax withheld for most staff.
In addition to the amount of each federal allowance (exemption) increases from $2,300 to $2,350. And the wage-base limit for both parts of FICA (Federal Social Security/Medicare) has increased.
For Social Security, the base increases to $57,600 (was $55,500 in 1992). The rate remains at 6.2 percent for a maximum withholding of $3,571.20 (from $3,441 in 1992).
For Medicare, the base increases to $135,000 (from $130,200). The rate remains at 1.45 percent, for a maximum withholding of $1,957.50 (up from $1,887.90).
The state income tax remains at 4.6 percent, and each exemption remains at $2,100.
Those who claimed exempt in 1992 should review their status and submit new forms as soon as possible.
Those who wish to change the number of exemptions claimed must file revised federal or state W-4 forms 10 days before a pay date to be effective for that date.
Forms are available at the Payroll Office, 2032 Administrative Services Building; Hospital Payroll, 300 North Ingalls Building; and from all Personnel Service Centers. For information, call 764-8250.