2014 Tax Withholding
Social Security Tax
Social Security withholding tax will be 6.2% for 2014. The wage limit on which Social Security tax is calculated will increase for 2014 from $113,700 to $117,000.
Medicare Tax for 2014
The current Medicare tax rate has not changed over the last few years and will remain at 1.45% up to $200,000. Medicare tax increases to 2.35% for wages received in excess of $200,000.
Federal Income Tax Withholding
State of Iowa Income Tax Withholding
The State of Iowa income tax withholding tables will not change for 2014. However, you may see an adjustment in Iowa income tax withholding on future paychecks as Iowa income tax withholding tables include federal withholding in the calculation of Iowa tax withholding. Depending upon how your federal income withholding may change on future paychecks, it could have an effect on your Iowa income tax withholding.