Annual Rates for 2012
| Social
Security rate |
employee 4.2% / employer 6.2%
|
| Social
Security wage limit |
$110,100
|
| Medicare rate |
1.45% employer + employee |
| Medicare wage
limit |
unlimited
|
| |
|
| FUTA taxable
wage base |
$7,000
|
| FUTA rate |
6.0%
|
| FUTA maximum
credit |
5.4%
|
| Minimum FUTA
deposit rate |
0.6%
|
| |
|
| Business
mileage rate* |
$.555/mile
|
| Medical
mileage rate |
$.23/mile
|
| Charitable
mileage rate |
$.14/mile
|
| Relocation
mileage rate |
$.23/mile
|
* The business mileage rate can only
be taken if the taxpayer owns or leases a vehicle that is not for
hire and was not depreciated under ACRS, MACRS, or Section 179 in
previous years.
Minimum Wage
Levels
Federal
$7.25/hour
Minnesota $6.15 or $5.25 for small businesses with overtime pay required after 48 hours of work in 1 week
45 states have
passed laws with their own minimum wage levels. Additionally,
many counties and cities have passed their own minimum wage
requirements. Other jobs, ones which earn tips or in small
companies, are often subject to lower minimums. Please check
your state website to ensure compliance.
Qualified Retirement Plan Limits
| Pretax contributions for
401(k) and SEP plans and 403(b) annuities |
$ 17,000 |
| Catch-up allowance for
workers aged 50 and over |
$ 5,500 |
| Section 415(b) defined benefit plan ceiling |
$200,000 |
| Combined employer/employee pay-in limit |
$ 50,000 |
| Annual compensation limit
under: |
|
| Section 401(a)(17) and
Section 404(1) |
$250,000 |
| Section 408(k)(3)() IRA, SEP
or SIMPLE plan limits |
$250,000 |
| Pretax contributions for
SIMPLE plans |
$ 11,500 |
| Catch-up allowance for
workers aged 50 and over |
$ 2,500 |
Payroll Tax
Deposits
Due the 15th of each month, or the next
business day if banks are closed, for the previous
month’s payroll if business is a monthly depositor.
Quarterly 941s (federal payroll tax returns) are due April 30, July
30, October 30, and January 31 for the previous quarter’s liabilities.
