03-P-018 Change in Social Security Base Rate (Supersedes 02-P-015)
Posted on October 21, 2021 at 12:50 PM by Kansas Department of Administration
|DATE:||October 24, 2002|
|SUBJECT:||Change in Social Security Base Rate|
|EFFECTIVE DATE:||January 1, 2003|
|CONTACT:||Roger Basinger||(785) email@example.com|
|SUMMARY:||Social Security Wage Base Increase to $87,000 effective January 1, 2003|
For Federal employees at Kansas State University who were hired prior to January 1, 1984, the employee contribution rate for reduced FICA remains at 1.45 % on all wages subject to the tax (there has been no maximum contribution since January 1, 1994). Federal employees hired after January 1, 1984 will have a maximum contribution of $5,394.00 for OASDI and no maximum for Medicare. The employer and employee rates continue to be the same.
For Kansas Police and Fireman's program participants, who are subject to the mandated Medicare coverage, the contribution rate remains at 1.45% on all wages subject to the tax (there has been no maximum contribution since January 1, 1994).
The Division of Accounts and Reports, Payroll Systems Team is responsible for making any necessary updates to the SHARP payroll system. Regents' institutions are responsible for ensuring these changes are reflected in their individual systems.