![]() ![]() Most employees pay 1.45% of covered wages for Medicare tax. This is the total Medicare tax withheld from your pay during the year. Medicare wages are not affected by deferred compensation or pension contributions. Medicare wages are reduced for health insurance premiums, Commuter Benefits, DeCAP, and HCFSA contributions. The wages subject to Medicare tax are the same as those subject to social security tax in Box 3, except there is no wage base limit for Medicare tax. If you do not receive a refund that is owed to you, contact your agency's Payroll Office. If more than 6.2% of that amount was withheld, OPA will issue you a refund in February. Most employees pay 6.2% of covered wages, up to the maximum social security wage base which is adjusted each year. This is the total social security tax withheld from your pay during the year. Social security wages are not affected by deferred compensation or pension contributions. Social security wages are reduced for health insurance premiums, Commuter Benefits, and some flexible spending program contributions. The total in Box 3 should not be more than the maximum social security wage base for that tax year. These are the total wages paid that are subject to social security. This is the total federal income tax withheld from your pay during the year. The above listed taxable fringe benefits are shown in Box 14. These amounts are shown in Boxes 12 and 14. Your taxable wages are reduced by contributions to deferred compensation and/or tax deferred annuity accounts, pension plan, Commuter Benefits, and other programs that are not subject to federal taxes.
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