New OASDI Taxable Gross Takes Effect in 2017

Sent to all UCI Campus and Medical Center employees on Dec. 7, 2016

The Social Security Administration has announced that the maximum amount of income subject to OASDI—commonly known as Social Security—will increase from $118,500 to $127,200 beginning on Jan. 1, 2017.

The OASDI tax rate for employees will remain unchanged at 6.2 percent. The rate for Medicare will also be unchanged at 1.45 percent and is applied to all wages earned in a tax year. An additional 0.9 percent in Medicare withholding taxes will continue to be deducted on gross earnings over $200,000.

If you have any questions or concerns, please contact Tax Compliance and Reporting at 949-824-8303.

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This year, employees who have elected online delivery of their W-2 Wage and Tax Statement have a chance to win a $50 Starbucks card! If you haven't already signed up to receive your W-2 Statements online, now is the time. Electing online delivery takes just a few minutes, reduces printing costs, and helps UCI to operate more efficiently. Instructions can be found here.

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