News release effective January 1, 2014
Originally printed W-2’s are scheduled to be mailed by 1/24/14 and the on-line W-2’s should also be available via POSC by 1/24/14.
Duplicate 2013 W-2’s
Requests for duplicate W-2’s to be printed by Central Payroll (not from POSC) will be accepted starting 2/18/14.
2014 3% COLA’S
The 3% COLA’S will be effective 1/1/14. For Regular employees (where applicable) partial COLA’S (7 days) representing 1/1/14 – 1/7/14 will be included in the paycheck dated 1/15/14. Full COLA amounts (where applicable) will be included in the check dated 1/29/14. For monthly employees, check dated 1/31/14 will contain the full 3% COLA.
2014 W-4 forms for DC, WV and MD should be posted to our web site by 1/17/14. The IRS was late releasing their new W-4 guidelines this year and therefore our versions have also been late posting to our web site.
2014 Maryland County (piggyback) Taxes
Two counties will have a change in the withholding of their local taxes, they are: Caroline County 2.80%, Charles County 3.05%. Carroll County will still be withheld using 3.05% as published in the Maryland Employer Withholding Guide.
2014 Federal Tax & Withholding
The following will apply for Regular paychecks dated 1/15/14, University Paychecks dated 1/3/14 and Contractual Paychecks dated 1/8/14.
- The annual Federal withholding allowance is $3,950.
- The 2014 employee social security withholding tax rate remains at 6.2%.
- The wage base for the calculation of social security taxes has increased from $113,700 to $117,000.
- The 2014 wage base for Medicare remains the same as it was in 2013 (1.45% for employees earning from $1 - $200,000 and 2.35% for those employees earning over $200,000).
For more information on taxing and withholding, reference the IRS Publication 15, (Circular E) Employer's Tax Guide, on the IRS website.
Robert Murphy, Director