New OASDI Taxable Gross Takes Effect in 2015

Sent Campus wide via Zotmail on December 15, 2014

Dear colleagues,

The Social Security Administration has announced that the maximum amount of income subject to OASDI -- commonly known as Social Security -- will increase from $117,000 to $118,500 beginning on January 1, 2015.

The OASDI tax rate for employees will remain unchanged at 6.2 percent. The rate for Medicare will also be unchanged at 1.45 percent. An additional 0.9 percent in Medicare withholding taxes will continue to be deducted on gross earnings over $200,000.

As the new year approaches, please remember that the deadline to sign up to receive your 2014 W-2 Wage and Tax Statement electronically is December 31. Employees who receive their W-2s electronically can access it up to a week before paper forms are mailed and print duplicates at any time.

You can sign up on the At Your Service Online (AYSO) website: https://atyourserviceonline.ucop.edu/ayso/. Log in with your username and password. Look for the “Income & Taxes” box and click “W-2.” In the left-hand navigation, click “Select Delivery Method” and follow the onscreen directions.

If you have any questions or concerns, please contact the Tax Compliance and Reporting help desk at (949) 824-8303.

Sincerely,

Faye Shores
Manager
Tax Compliance and Reporting
Accounting and Fiscal Services

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