Percentages for Calculating Payroll:
FICA (Social Security) - 6.2% up to the first $118,500 of Social Security taxable wages (2016)
Medicare - 1.45% with no limit to taxable wage base. Wages paid in excess of $200,000 in 2016 will be subject to an extra 0.9% Medicare Tax that will only be withheld from employee wages. Employer will not pay the extra tax.
Students may qualify for FICA/Medicare exemption. See explanation regarding exemption on "Student FICA Guidelines".
TRS employee - 7.2% of gross salary
TRS match - 6.8% of gross salary
ORP Employee - 6.65% of gross salary
ORP match - 6.8% of gross salary for those participating 9/1/95 or later
8.5% of gross salary for those participating prior to 9/1/95