June
20, 2003June
20, 2003
With the May 28 passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the individual income tax rates have been reduced. The University of Missouri will apply the new rates to June 30 checks for employees paid monthly and to the July 2 check for biweekly-paid employees. The new withholding tables MAY reduce the federal income tax withheld from your wages.
Following are the changes to income tax rates:
| Calendar Year | 27% rate | 30% rate | 35% rate | 38.6% rate |
| changed to: | changed to: | changed to: | changed to: | |
| 2003 - 2010 | 25% | 28% | 33% | 35% |
Employees who do not wish to change their current withholding may submit a new W-4 Form. Regional faculty and staff should submit W-4s to Diane Dews, Administrative Management, 803 Clark Hall, Columbia, MO 65203. Campus employees should submit W-4s to campus payroll offices.
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Eileen Yager,
yagere@umsystem.edu |
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