FEDERAL
Agency internet websites:
- Internal Revenue Service www.irs.org
- Social Security Administration: www.ssa.gov
- US Department of Labor: www.dol.gov
Minimum Wage: $5.15
Minimum Cash Wage: $2.13 (Tipped Employee)
Maximum Tip Credit: $3.02
Youth Sub-Minimum Wage: $4.25
FICA (Social Security)
Maximum Taxable Earnings: $94,200
(Up from $90,000 in 2005)
EE / ER Deduction: 6.2%
Maximum Deduction: $5,840.40
(Up from ($5,580.00 in 2005)
Self Employment Tax: 12.4%
FICA (Medicare)
Maximum Taxable Earnings: No Limit
EE / ER Deduction: 1.45%
Maximum Deduction: No Limit
Self Employment Tax: 2.9%
FUTA (Employer Paid)
Maximum Taxable Earnings: $7000
Percent of Taxable Wages: 6.2%
Maximum Credit: 5.4%
Normal Net Tax: 0.8%
Supplimental Wage/Bonus
Rate (flat rate withholding method): 25%
- Pay Over $1 Million: 35%
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UTAH
Agency internet websites:
- State Tax Commission: www.ex.tax.state.ut.us
- Dept. of Workforce Services: www.dws.state.ut.us
Minimum Wage: $5.15
Minimum Cash Wage: $2.13 (Tipped Employee)
Maximum Tip Credit: $3.02
Youth Sub-Minimum Wage: $4.25
State Income Tax
Wage Withholding: Table
Supplemental Wage / Bonus Rate: No Provision
Unemployment Insurance
Maximum 2005 Taxable Earnings: $23,200
(Increased from $22,700 in 2004)
Employee Deduction: None
Employer 2005 Tax Rates: 0.4-0.9%
(Includes 0.4% social cost factor)
Standard 2005 New Employer Rate: IND AVG
Voluntary Contribution Permitted: No
Disability Insurance
Employee Deduction: None
Florez Tax does not render wage, tax or legal advice. Minimum wage rates may vary by industry. State minimum wage rates may be superseded by Federal. Contact proper agency to verify. Published November 15, 2005. Subsequent changes may occur. |
