Taxable Tuition

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Taxable Tuition

Employer-provided tuition assistance in excess of $5,250 per calendar year, is deemed as taxable income by the Internal Revenue Service.  Taxable tuition income must be reported and taxed at the Supplemental (flat) tax rate.  For tax year 2020, the Supplemental tax rates for the primary taxing agencies are:

Federal Withholding Tax (FWT)                                   22.00%

FICA -Social Security Tax (FOA)                                    6.20%

FICA -Medicare Tax (FIM)                                              1.45%

New York State Income tax (NYS)                                9.62%

New York City Income Tax (NYC)                                 4.25%

 

The Human Resources Department notifies all individuals who receive employer-provided tuition assistance in excess of $5,250 (taxable tuition).  The notification includes a schedule showing the total amount over $5,250, the number of pay-cycles for the equally divided amounts to be added to income, and the beginning and ending dates in which the tuition income will be reported and taxed.

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