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For more information regarding Kronos GTOR approval please see: Kronos GTOR Approval

Posted on 3/16/2015

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Kronos Workforce Central V7 Upgrade: What is Changing and Who is Impacted?

Posted on 3/5/2015 ________________________________________________________________________________________________

Kronos Upgrade Means Changes for Timekeepers, Managers and Employees; Training Strongly Recommended, Now Available: please see Kronos Upgrade Means Changes

Posted on 2/13/2015 ________________________________________________________________________________________________

Effective January 1, 2016, the following components will remain unchanged for payroll taxes:

  • The Social Security tax rate will continue at 6.2%.
  • The wage base limit for Social Security will stay at the $118,500 threshold.
  • An Additional Medicare Tax rate of 0.9% will apply to wages over $200,000. This is ¬†described as follows on the IRS.gov website:

"An employer must withhold Additional Medicare Tax from wages it pays to an individual in excess of $200,000 in a calendar year, without regard to the individual's filing status or wages paid by another employer, (IRS.gov, 2012)."

Reminder: There is no wage base limit for Medicare. Therefore, 1.45% will continue to be taxed on the first $200,000 of your taxable gross earnings and 2.35% above $200,000.

Retirement Contribution Limits - 403(b) and 457(b) accounts
       The 2016 contribution limit remains consistent with the prior year at $18,000.

Changes to Calendar Year 2015 - New Benefits Tax Form (Form 1095-C)
The Patient Protection and Affordable Care Act, or ACA, mandates large employers to provide qualified health insurance plans at affordable premiums. In accordance to the Internal Revenue Code 6055, the IRS requires applicable large employers who sponsor self-insured or fully-insured health plans to annually report the following information on tax Form 1095-C:

  • Health coverage offered to full-time employees (30+ hours per week per month) and their dependents; and
  • Provide data on whether the costs were affordable.

 UTMB will be issuing IRS Form 1095-C to assure compliance with the above stated mandate. For more information, please contact HR Benefits at 409-772-2630 or hrservic@utmb.edu.

Posted on December 14, 2015
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Effective January 1, 2015, the following changes to payroll taxes will occur:

  • The 2014 Social Security tax rate will increase to 6.2%
  • The new wage base limit for Social Security will be $118,500.
  • An Additional Medicare Tax rate of 0.9% will apply to wages over $200,000. This is described as follows on the IRS.gov website:

    "An employer must withhold Additional Medicare Tax from wages it pays to an individual in excess of $200,000 in a calendar year, without regard to the individual's filing status or wages paid by another employer, (IRS.gov, 2012)."

Note: There is no wage base limit for Medicare. Therefore, 1.45% will continue to be taxed on the first $200,000 of your taxable gross earnings and 2.35% above $200,000.

Retirement Contribution Limits

  • Regarding 403(b) and 457(b) accounts, the 2015 contribution limit is $18,000, a $500 increase over 2014.

Changes to Calendar Year 2012 W-2 Forms

As required by the Patient Protection and Affordable Care Act, Box 12 DD on the form W-2 will now be populated with insurance coverage costs under an employer-sponsored group health plan. The University of Texas System has elected to use the "Premium Charged Method" to compute the amount reported. This method adds the employer and employee premiums and then excludes certain costs such as Basic Life, Basic Accidental Death and Dismemberment, and Employee Assistance Program. The amount reported is only a reporting requirement and does not affect your 2012 income taxes.

For Medical Resident FICA FAQ Information Click Here

 

 

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