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2016 Wage & Tax Info

FICA Social Security
Maximum Taxable Earnings $118,5000
Employer Tax Rate 6.2%
Employee Tax Rate 6.2%
Self Employment Tax Rates 12.4%
FICA Medicare
Maximum Taxable Earnings No Limit
Employer / Employee Rate (first 200,000 for ee)  1.45%
Additional Medicare Tax (after 200,000 for single filers)  + .9%
Self-Employment Tax  2.9%
Federal Unemployment Insurance (FUTA)
Taxable Wage Base $7,000
Normal Net Tax 0.6%
Indiana Current (includes credit reduction) 1.8%

FUTA is an employer paid tax and currently can vary by state dependant on State Credit Reductions in place, check www.irs.gov for a current listing for all states.

Indiana State Income Taxes
Standard Income
Table
Supplemental / Bonus Wages
3.4%
Indiana Unemployment Insurance (SUTA)
Taxable Wage Base
$9,500
Employee Contribution
 None
Employer Rates
 .515 - 7.992%
New Business Beginning Rate
 2.50%
New Business - Construction Employer (New for 2014)
 4.00%
Federal Minimum Wage
Minimum Wage
 $7.25
Minimum Cash Wage for Tipped Employees
 $2.13
Youth Sub-minimum Wage
 $4.25
Indiana Minimum Wage
Minimum Wage
$7.25 (follows federal)
Minimum Cash Wage for Tipped Employees
$2.13
401(k) Contribution Limits for 2015
Contribution Limit
$18,000
Catch-up Contribution (age 50 or older)
$6,000

More information can be found on www.irs.gov/Retirement-Plans/

Traditional and Roth IRA Limits for 2014
Contribution Limit
$5,500
Catch-up Contribution (age 50 or older)
$1,000

All information current as of 01/01/2015

*Although every effort is made to insure accurate information contained within this table, please contact the appropriate agency for the most up to date rates, limits, etc.

Definition of Terms

FICA
Federal Insurance Contributions Act is the combined taxes for Social Security and Medicare payroll taxes. The payroll taxes are frequently referred to as FICA taxes.

FUTA
The Federal Unemployment Tax Act (FUTA) is a federal law. It requires employers to pay a certain percentage on their employee's wages (up to a maximum wage limit) as a payroll tax to help fund unemployment compensation benefits for separated employees.
Form 941
Reconciling federal payroll taxes (federal income tax, employee and employer share of social security and Medicare taxes) for the quarter.

SUTA/SUI
State Unemployment Tax Act (SUTA) or State Unemployment Insurance (SUI) is an employer-paid insurance program that helps workers who are unemployed through no fault of their own. It provides temporary financial help to qualified individuals, based on their previous earnings, while they are looking for other work. Employer taxes and reimbursements support the Unemployment Trust Fund.

W-2
The form that an employer must provide to each employee and the Social Security Administration at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.

W-3
The form that an employer must provided to Social Security Administration at the end of the year. The form W-3 contains totals of the amounts reported on the employee's W-2 forms, acting as a “reconciliation” of those forms.

Form 940
Form 940 reconciles your annual Federal Unemployment Tax Act (FUTA). The FUTA tax applies to the first $7,000 paid to each employee during a calendar year after subtracting any exempt payments.

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