Federal Tax Information

A List of Additional Resources below

Federal Withholding Information

Social Security (Old age, survivors, and disability insurance):

6.2% on $128,700 for 2018 (employee & employer)
12.4% on $128,700 for 2018 for self employed

Medicare basic hospital insurance

1.45% on all wages (employee & employer)

Additional 0.9% Medicare tax on wages in excess of $200,000.
2.9% on net earnings (self employed)

FUTA wage base and rates

Effective June 30, 2011, 6.0% less credit for contributions to state funds up to 5.4% on $7,000 (employer). Prior to June 30, 2011, 6.2% less credit for contributions to state funds up to 5.4% on $7,000 (employer). If you are entitled to the maximum 5.4% credit, the FUTA tax rate after credit is 0.8% (0.6% after June 30, 2011). Certain states have lost part or all of this credit. Employers in those states need to check with their labor department to determine the current allowed credit for the state in question.

401(k)

Contribution limit is $18,500 for 2018, those age 50 and over can contribute up to $24,000.

Minimum Wage

Federal Hourly minimum rate is $7.25 effective 7/24/09.