2024 tax withholding

W-4 forms (employee withholding certificates)

With changes in federal and state laws, it is imperative that you review your W-4 status at least once a year.  Information regarding the Federal W-4 form can be found on the IRS website. Information for the Iowa W-4 form can be found on the State of Iowa website.

Please note that University of Iowa cannot provide individual guidance on completion of the W-4 or any related tax implications. We recommend that you contact your tax consultant with any questions you may have.

Social Security tax

The Social Security withholding tax rate is 6.2%. The 2024 wage limit on which Social Security tax is calculated is $168,600.

Medicare tax 

The Medicare withholding is 1.45% up to $200,000 and 2.35% for wages received in excess of $200,000.

Federal income tax withholding

Federal tax withholding tables have changed for 2024 based on inflation. Please refer to the IRS Publication 15-T, Federal Income Tax Withholding Methods, for the current tables.

State of Iowa income tax withholding

The Iowa Department of Revenue issued new income tax withholding tables in 2023 based on the tax reform bill that will phase in a flat tax. Please refer to this Iowa tax withholding page for more information regarding the 2024 withholding tables.

State of Illinois income tax withholding

The State of Illinois withholding tax rate is 4.95%.