The recently enacted American Recovery & Reinvestment Act has resulted in new payroll tax withholding tables that reflect the impact of the new Making Work Pay credit. This Act provides eligible individuals with a refundable income tax credit for tax years beginning in 2009 and 2010. The IRS has asked employers to implement these tax changes as soon as possible.
The College will update the withholding tables starting with the March payroll; therefore, you should see a decrease in your federal taxes withheld on your March 5, 2009 pay check. The IRS has stated that employees do not need to complete a new Form W-4 as the new tax tables have taken into account all current tax provisions.
Judy Bertram
Controller's Office
03/02/2009 |