UVA_HRHoos Well Reward Taxation
Hoos Well is excited to see so much active participation in programming that improves the UVA community's physical, financial, and emotional well-being.
As a reminder, taxes associated with rewards that you or your eligible spouse redeemed will be withheld from the UVA Health plan subscriber’s upcoming paycheck.
June Redemption
- ACD Bi-weekly: August 21
- ACD Monthly: September 1
- MC Bi-weekly: August 14
July Redemption
- ACD Bi-weekly: September 18
- ACD Monthly: October 1
- MC Bi-weekly: September 11
You can locate your reward redemption in the Earnings section of your pay slip as Non-Cash Wellness Gift Taxable.
WHICH TAXES WILL BE WITHHELD?
The Federal Insurance Contributions Act (FICA) – which is composed of two taxes, (Social Security and Medicare) will be withheld from the UVA Health Plan subscriber’s paycheck. However, all redeemed rewards will be reported on employees’ 2020 W-2s as compensation and will be subject to federal and state withholdings. Therefore, the associated tax liability may impact the amount of taxes or refunds owed when your returns are filed.
The 2020 FICA tax rate is 7.65% meaning $7.65 will be withheld for each $100 redeemed.