This week’s paycheck will look different for most employees.
Both federal and state tax rates changed effective Jan. 1. The federal change implements the Making Work Pay Tax Credit over the full 12 months of 2010 (as opposed to the nine months it was withheld in 2009). The state tax withholding changes adjust for the federal change.
Your check also might look different because of other payroll deductions that are starting, stopping or changing such as:
- parking permit
- flexible spending accounts
- United Way donations
- furlough time taken during the closure
- voluntary retirement savings
If you would like to change your federal or state withholding, you can do that by logging into LOUIE > Self Service > Payroll and Compensation and selecting either the W-4 Tax Information (for federal) or the A-4 Tax Information (for state). Any changes made by the Sunday before a payday will start on that payday.