| Payroll Tax Changes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
2009 |
| |
| Social Security Wage Base |
|
$106,800 |
|
|
$106,800 |
| |
| OASDI Rate |
|
6.2% |
|
|
6.2% |
| |
| Maximum Social Security Withholding |
|
$6,621.20 |
|
|
$6,621.60 |
| |
| Medicare Rate |
|
1.45% (no limit) |
|
|
1.45% (no limit) |
| |
| Simple Retirement Account Plan §408(p)(2)(A), Compensation Amount |
|
$11,500 |
|
|
$11,500 |
| |
| Limitation on Deferrals under §457(b)(2) Concerning Deferral Compensation Plans of State and Local Governments and Tax-Exempt Organizations |
|
$16,500 |
|
|
$16,500 |
| |
| Limit on the Exclusion for Elective Deferrals under §402(g)(1) (e.g., §401(k) and §403(b) plans) |
|
$16,500 |
|
|
$16,500 |
| |
| Contributions to Plans other than 401(k)(11) or 408(p) Plan for Individuals Ages 50 and Over |
|
$5,500 |
|
|
$5,500 |
| |
| FUTA Net Rate |
|
0.8% up to first $7,000 in wages |
|
|
0.8% up to first $7,000 in wages |
| |
| Highly Compensated Employees |
|
$110,000 |
|
|
$110,000 |
| |
| Key Employee Determination for Officer |
|
$160,000 |
|
|
$160,000 |
| |
| Employer Provided Qualified Transportation Fringe Benefit in the Form of Either Public Transit Passes or through a Qualified Van Pool Arrangement |
|
$230/month |
|
|
$120/month |
| |
| Tax Free Employer Provided Parking |
|
$230/month |
|
|
$230/month |
| |
|
2010 |
2009 |
| |
|
|
|
|
|
| State Disability Insurance (SDI) Withholding Rate |
|
1.1% |
|
|
1.1% |
| |
| Maximum Taxable Wage for SDI |
|
$93,316 |
|
|
$90,669 |
| |
| Maximum Withholding for SDI |
|
$1,026.48 |
|
|
$997.36 |
| |
| SUI Taxable Wage Base |
|
$7,000 |
|
|
$7,000 |
| |
| Automobile Benefit Information |
TYPE OF USE |
2010 |
2009 |
| |
|
|
|
|
|
| Standard Business |
|
$.50 |
|
|
$.55 |
| |
| Relocation |
|
$.165 |
|
|
$.24 |
| |
| Charitable |
|
$.14 |
|
|
$.14 |
| |
| Medical |
|
$.165 |
|
|
$.24 |
| |
| Payroll Tax Cheat Sheet |
|
|
|
|
|
| Employer Taxes |
|
|
|
|
|
| TAX ID |
NAME |
PERCENTAGE |
LIMIT |
NOTE |
| |
|
|
|
|
|
|
|
|
| FUTA |
|
Federal Unemployment Tax Act |
|
0.8% |
|
$7,000 |
|
Paid quarterly |
| |
| SUI/SUTA |
|
State Unemployment Insurance |
|
Varies by company |
|
$7,000 |
|
Varies by state/Paid quarterly |
| |
| SS |
|
Social Security |
|
6.2% |
|
$106,800 |
|
Max withholding is $6,621.60 |
| |
| Medicare |
|
Medicare |
|
1.45% |
|
No limit |
|
|
| |
| ETT |
|
Employment Training Tax |
|
Varies by company (0% or .1%) |
|
$7,000 |
|
Paid quarterly |
| |
| Employee Taxes |
| TAX ID |
NAME |
PERCENTAGE |
LIMIT |
NOTE |
| |
|
|
|
|
|
|
|
|
| Medicare |
|
Medicare |
|
1.45% |
|
No limit |
|
|
| |
| OASDI |
|
Old Age Survivors Disability; Social Security Insurance or Social Security |
|
6.2% |
|
$106,800 |
|
|
| |
| FIT |
|
Federal Income Tax |
|
Refer to W-4 |
|
No limit |
|
|
| |
| SITW |
|
State Income Tax Withholding |
|
Refer to W-4 |
|
No limit |
|
|
| |
| SDI |
|
State Disability Insurance |
|
1.1% |
|
$93,316 |
|
Maximum withholding $1,026.48 |
| |
| Federal Insurance Contribution Act |
| FICA |
PERCENTAGE |
LIMIT |
| |
|
|
|
|
| OASDI or SS Employer |
|
6.2% |
|
$106,800 |
| |
| OASDI or SS Employee |
|
6.2% |
|
$106,800 |
| |
| Medicare Employer |
|
1.45% |
|
No limit |
| |
| Medicare Employee |
|
1.45% |
|
No limit |
| |
| Number of Pay Periods per Pay Frequency |
| Payroll Frequency |
Number of Pay Periods per Year |
| |
|
|
| Weekly |
|
52 |
| |
| Bi-Weekly |
|
26 |
| |
| Semi-Monthly |
|
24 |
| |
| Monthly |
|
12 |
| |
| Hourly Rate (Based on 40 hours/week) |
|
Yearly salary divided by 2080 hours |
| |
| Semi-Weekly Deposit Schedule |
| IF THE PAYDAY FALLS ON A... |
THEN PAYROLL TAXES ARE DEPOSITED... |
| |
|
|
| Wednesday, Thursday, and/or Friday |
|
Wednesday |
| |
| Saturday, Sunday, Monday, and/or Tuesday |
|
Friday |
| |
