The function of payroll is to manage, process and maintain payroll records for all University faculty, staff and students. This office processes monthly payrolls for all University employees while following the applicable Internal Revenue Code, Internal Revenue Regulations, Department of Labor Regulations and Missouri State Statutes. Records for all foreign nationals receiving any form of compensation, for example scholarships, awards, wages and independent contractor payments, from the university are processed and maintained by this office per Internal Revenue Code, Internal Revenue Regulations, Department of Labor Regulations and U.S. Citizenship and Immigration Services. All local, state and federal tax documents are filed in a timely manner. Documents are filed reporting payroll deductions for the Missouri Employees Retirement System (MOSERS), College and University Retirement Program (CURP), tax-sheltered annuities (TSA), cafeteria plans, and other payroll deductions.
Current faculty and staff can use Employee Self-Service to make changes to your federal Form W-4 Withholding Certificate. Changes to state withholding must be completed on a paper form and submitted to Payroll. If you have recently married, divorced, had a child, or had another change affecting your claim status, you need to complete a new W-4 through My Missouri State or complete a paper form and submit to the Payroll Office, Carrington 119. International employees are subject to special rules and must meet with the International Tax Accountant in Payroll to complete all tax forms.
The 2020 Social Security taxable wage base is $137,700. The tax rate is 6.2% and, therefore, the total tax withheld for employees that meet or exceed the wage base is $8,537.40. The Medicare tax rate is 1.45%. Additional Medicare tax applies to taxable Medicare wages of $200,000 or more; the tax rate is 0.9%. There is no maximum cap on taxable Medicare wages.
The W-2 Annual Wage and Tax Statements will be mailed by January 31st to your mailing address on file. Consent must be given by January 1st to receive your W-2 statement electronically instead of the traditional paper process. Online delivery provides access to the W-2 statement earlier and eliminates the chance that the W-2 will get lost or misdirected during delivery. To sign up to receive your W-2 statement electronically follow the instructions for Electronic W-2 Election.