Federal Tax Information
Federal Withholding Information
Federal Regular Withholding Formula here.
Federal Supplemental Withholding Formula here.
Personal exemption - $4,050 for 2017
Social Security (Old age, survivors, and disability insurance):
6.2% on $118,500 for 2016 and 6.2% on $127,200 for 2017(employee & employer)
12.4% on $118,500 in 2016 and 12.4% on $127,200 for 2017 for self employed
Medicare basic hospital insurance
1.45% on all wages (employee & employer)
Additional 0.9% Medicare tax on wages in excess of $200,000.
2.9% on net earnings (self employed)
FUTA wage base and rates
Effective June 30, 2011, 6.0% less credit for contributions to state funds up to 5.4% on $7,000 (employer). Prior to June 30, 2011, 6.2% less credit for contributions to state funds up to 5.4% on $7,000 (employer). If you are entitled to the maximum 5.4% credit, the FUTA tax rate after credit is 0.8% (0.6% after June 30, 2011). Certain states have lost part or all of this credit. Employers in those states need to check with their labor department to determine the current allowed credit for the state in question.
Contribution limit is $18,000 for 2017, those age 50 and over can contribute up to $24,000.
Hourly minimum rate is $7.25 effective 7/24/09.
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