By Brooke Apple
With the new year, you will notice a difference in your net pay this month, and we wanted to make sure you understood why.
Effective January, 2013, Social Security withholding will be increased from 4.2 percent to 6.2 percent. The Medicare withholding portion will continue at 1.45 percent through 2013 with an additional .9 percent being withheld on compensation over $200,000.00.
The new medical insurance monthly premium rates take effect this month. Premiums increased slightly this year. For more information, see page three of the Open Enrollment Quick Reference Guide. You may also have changed your benefits elections in a way that impacts the monthly cost. Refer back to your Open Enrollment confirmation statement to see how your monthly benefits expenses will change.
Payroll maintains a separate email address devoted entirely to inquiries regarding your W-2. Please email any questions or concerns to email@example.com. This special email address will ensure priority treatment of your request.
Your 2012 W-2 will have some new information in box 12DD. The total cost of employee benefits, both the employee and employer costs, will appear in this box on your W-2 for informational purposes only