Tax Forms and Information

MEMORANDUM

To: State Employees

From: Tracey McEachern, Manager, State Payroll

Subject: Tax Changes for 2012

The following is information regarding tax changes for the year 2012.

Tax Withholding Rates

There are changes to the 2012 Federal tax withholding rates. This may result in a change to your net pay. The new rates can be located in IRS Publication 15, Circular E, and Employer's Tax Guide. To access the publication, visit the Internal Revenue Service website at www.irs.gov and select Forms and Publications.

New York State and Yonkers Tax Withholding Rates

New York State personal income tax rates and the Yonkers resident personal income surcharge tax rates have changed. The new rates can be located in NYS Publication 50. To access the publication, visit the New York State website at www.tax.ny.gov and select withholding tax rate changes.

Social Security/Medicare Withholding

Effective in 2012 the tax rate for calculating the employee share of Social Security tax withholdings will remain the same at 4.2%. The wage cap for Social Security has increased to $110,100.

The Medicare tax for 2012 is calculated at 1.45% of all wages. The tax rate has not changed and there is no wage cap for Medicare tax.

Print