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NOTICE TO EMPLOYEES FROM THE IRS
Changes in Social Security Withholdings
All employees will see an increase of 2% in their Social Security deduction beginning with their January 2013 check. For the past two years, employee social security deductions were lowered to 4.2% to help stimulate the economy. This has expired as of December 31, 2012. Congress and the President did not include the Social Security deduction in their negotiations regarding tax increases for the American worker.
Employees are reminded that the current tax rates are a temporary measure put in place by Congress. Changes may come at a later date in the calendar year. Any changes will be relayed to all employees by email, postings on the intranet, and Focus on Finance.
If you would like to read more about the changes taking place on taxes, you can go the IRS website at www.irs.gov and click on News and Events.
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Wake County Public School System, 5625 Dillard Drive, Cary, NC 27518 | 919-431-7400