|DATE:||January 2, 2002|
|SUBJECT:||New Supplemental Rate for Federal Withholding Tax for 2002|
|EFFECTIVE DATE:||January 1, 2002|
|SUMMARY:||New Federal Withholding Tax Supplemental Rate Effective for Paychecks Issued On or After January 1, 2002.|
The Internal Revenue Service (IRS) has issued the new supplemental withholding tax rate effective for all paychecks issued on or after January 1, 2002. The supplemental withholding rate is decreased to 27% effective January 1, 2002. The federal percentage tables for computing the federal withholding tax were issued in Informational Circular 02-P-024.
The Department of Administration will make all of the necessary changes in the computation of supplemental federal withholding taxes for SHaRP agencies. Regents' institutions are responsible for implementing the new supplemental withholding tax rate in their respective payroll systems.
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