November 27, 2014

RRB adjusts withholding for 140,000 annuitants

The Railroad Retirement Board reports it has adjusted benefits — effective with February benefits checks — for more than 140,000 beneficiaries to reflect new federal income tax withholding rates. The new rates comply with provisions of the congressionally passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The new rates apply to [...]

Treasurers’ payroll tax update

Railroad Retirement, Social Security, Medicare and Railroad Unemployment Insurance payroll taxes have changed for 2011. Following are the tax rates:  Railroad Retirement Tier I: Paid by employer: 6.20% on wages up to $106,800. Paid by employee: 4.2% on wages up to $106,800. Social Security (non-railroad employment): Paid by employer: 6.2% on wages up to $106,800. Paid [...]