CHANGES IN TAX WITHHOLDING EFFECTIVE TODAY
Employees earning $25,000 or more annually may notice a slight increase in federal, state and FICA tax withholdings in their paychecks today and in each pay period hereafter.
Old Dominion University provides group term life Insurance to eligible employees at the rate of two times their annual salary. Up to $50,000 of group term life insurance is a tax-free benefit. Premiums for group term life insurance over $50,000 are federal, state and FICA taxable. These premiums are called "imputed life" and are based on rates set by the IRS. Recent changes have increased the imputed life amount which is added to your federal, state and FICA taxable wages.
More information is available via e-mail to SIanuzi@odu.edu.
This article was posted on: May 14, 2004
Old Dominion University
Office of University Relations
Room 100 Koch Hall Norfolk, Virginia 23529-0018
Old Dominion University is an equal opportunity, affirmative action institution.