Income Taxes

Income Taxes

Policy

 The College is responsible for deducting and remitting to the government the following payroll taxes:

  1. Federal
  2. State
  3. OASDI (Social Security)
  4. Medicare

Federal and state taxes for regular pay including overtime, vacation, sick, etc. are calculated by Workday.

The OSADI (social security) tax rate is 6.2%.

The OSADI wage base limit for 2024 is $168,600.

There is no wage base limit for Medicare tax.

The Medicare tax rate is 1.45%.

Students are exempt from Medicare and OASDI taxes during the academic year.

Students employed during the summer are subject to federal, state, Medicare and OASDI taxes.

Procedure

Employees can imput their federal and state tax information via Workday.

If an employee does not imput federal or state tax information, Workday will assign single, 0 exemption for federal tax and 0 exemption for state tax.

Employees can change their federal and/or state tax exemptions at any time in Workday.

If you have any questions about what you have claimed, you may view your submitted exemptions in Workday.