Percentages for Calculating Payroll:
FICA (Social Security) - 6.2% up to the first $117,000 of Social Security taxable wages (2014)
Medicare - 1.45% with no limit to taxable wage base. Wages paid in excess of $200,000 in 2014 will be subject to an extra 0.9% Medicare Tax that will only be withheld from employee wages. Employer will not pay the extra tax.
Students may qualify for FICA/Medicare exemption. See explanation regarding exemption on "Student FICA Guidelines".
TRS employee - 6.4% of gross salary
TRS match - 6.8% of gross salary
ORP Employee - 6.65% of gross salary
ORP match - 6.0% of gross salary for those participating 9/1/95 or later
8.5% of gross salary for those participating prior to 9/1/95
Withholding Tax Computations Effective January 1, 2014