Out of State Employees Reminder to Update Tax Withholdings
As a reminder, employees approved to work 20% or more of their time in a Harvard Registered Payroll State must make applicable changes to their state tax withholding. To make changes, visit the PeopleSoft Self-Service Homepage. Then navigate to My Self-Service to My Pay to Tax Withholding.
Hourly employees have additional requirements when entering time, see PeopleSoft: Reporting and Viewing Weekly Time (PDF) for specific details.
Employees claiming Exempt from Federal Tax Withholding
Individuals who claimed exempt status on their tax forms will need to review and update those forms if they determine they qualify as exempt for 2024. U.S. citizens and permanent residents can review their selections on the PeopleSoft Self-Service Homepage by navigating to My Self-Service to My Pay to Tax Withholding.
2024 Supplemental Tax Rate
The supplemental tax rate has been updated for 2024 and is most commonly assessed on additional compensation payments such as bonuses, moving expenses, etc.
| Tax | Rate |
|---|---|
| Federal Supplemental Rate | 22% |
| Social Security (up to wage base) | 6.2% |
| Medicare | 1.45% |
| Additional Medicare (wages >$200,000) | .9% |
| State Supplemental Rate | Varies by state – 5% for Massachusetts |
Social Security Wage Base
The Social Security wage base for 2024 is $168,600.