Payroll processes and distributes salary and wage payments to UNM faculty, staff and student employees. Additional responsibilities include withholding and remitting employment taxes to the Internal Revenue Service (IRS) and the state of New Mexico; preparing and reporting year-end tax information including IRS Forms W-2 and 1042S. Payroll is also responsible for nonresident alien tax status evaluation; tax treaty compliance; insurance vendor payments; tax deferred annuity enrollment and vendor payments; retirement (ERB) reporting and payments; and servicing third party garnishments.
Click on the following Link for important 2013 payroll news, changes and updates.
Social Security and Medicare tax for 2013: For 2013, the employee tax rate for social security is 6.2%. The employer tax rate for social security remains unchanged at 6.2%. The 2013 social security wage base limit is $113,700. In 2013, the Medicare tax rate is 1.45% for both the employer and employee; and is unchanged from 2012. There is not a wage base limit for Medicare tax. In 2013, the IRS has imposed an additional tax of 0.9% on individuals earning greater than $200,000 in the tax year. This additional amount will only be assessed on wages greater than $200,000.
Click on the image below and go to New Mexico Educators Federal Credit Union to
The Payroll Department does not provide investment or tax advice to individuals. For assistance please contact a Financial Planner or CPA.