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Federal Tax Information


Federal Forms, Explanations and Filing Addresses: www.irs.gov/businesses

Federal Forms Listing: www.irs.gov/forms-instructions 

Federal Publications Listing: www.irs.gov/forms-instructions

Federal Tax Calendar: www.irs.gov/pub/irs-pdf/p509.pdf

 

Federal Withholding Information

Federal Regular Withholding Formula:www.irs.gov/individuals/irs-withholding-calculator

Federal Supplemental Withholding Formula: www.irs.gov/pub/irs-pdf/p15a.pdf

Personal exemption for 2019 have been eliminated

  • Social Security (Old age, survivors, and disability insurance):
    6.2% on $132,900 for 2019(employee & employer)
    12.4% on $132,900 in 2019 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.

401(k)

Contribution limit is $19,000 for 2019, those age 50 and over can contribute up to $25,000.

Minimum Wage
Hourly minimum rate is $7.25 effective 7/24/09.

 

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TAX TIDBIT ...To correctly calculate withholding near wage base limits, enter your Gross Salary Year-to-date. It's important for an accurate calculation and is usually found on your last pay stub.