Payroll Compliance Highlights for 2011
Federal
- Minimum wage, effective 07/24/09 $7.25
- Minimum wage, effective 07/24/08 $6.55
- Tipped minimum wage $2.13
- Supplemental rate 25%
- Supplemental rate, portion over $1,000,000 35%
- Personal exemption deduction $3,650
- Maximum advance earned income credit $1,826
Social Security
- Wage base $106,800.00
- Employer rate 6.20%
- Employee rate 4.20% (2011 )
- Maximum employee tax $4,485.60 (2011)
Medicare
- Wage base (Unlimited)
- Employer/employee rate1.45%
FUTA
- Wage base $7,000.00
- Employer rate 6.20%
- Maximum credit for state UI taxes paid 5.40%
- Net FUTA rate 0.80%
Retirement Plans
- 401(a)(17) compensation limit $245,000
- 414(q)(1)(B) highly comp. employee (HCE) $110,000
- 415(c)(1)(A) annual additons limit $49,000
Contribution Limits
- 401(k) $16,500
- 403(b) $16,500
- 457 $16,500
- SIMPLE $11,500
Additional catch-up contribution limits, age 50 or older
- 401(k) $5,500
- 403(b) $5,500
- 457 $5,500
- SIMPLE $2,500
Mileage Allowance
- Standard business mileage rate $0.55 per mile
- Charitable mileage rate $0.14 per mile
- Medical/Moving mileage rate $0.24 per mile
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