Tax Withholdings Now Calculated to the Penny
Date Posted: October 2, 2009
When the South Carolina Retirement Systems implemented its new payment and claims system in August 2009, many processes were streamlined or enhanced. One feature of the new system calculates federal and state tax withholding amounts to the penny based on Internal Revenue Service tax tables.
Prior to implementation of the new system, federal and state tax withholdings were rounded to the nearest dollar. So, as a result of the new system, the net amount of most retired members’ checks changed with the checks issued September 30, 2009. The difference should be very small but reflects the specific tax table withholdings rather than amounts rounded to the nearest dollar.
If you have any questions or need additional information, please contact Customer Services at 803-737-6800, toll free at 800-868-9002, or use or online contact form.
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