Federal Tax Information


Minimum Wage
Effective 7/24/09
Minimum Wage$7.25
Min. Cash Wage (Tipped Employee)$2.13
Max. Tip Credit$5.12
Youth Sub-Minimum Wage$4.25

FICA (Social Security)
Maximum Taxable Earnings (increased from $160,200 in 2023):$168,600
Employee / Employer Tax Rate:6.2%
(Unchanged from 2023)

FICA (Medicare)
Maximum Taxable Earnings:No Limit
Employee / Employer Tax Rate:1.45%
Add.Medicare Tax - No Employer match (salary > 200,000/year) 0.9%

FUTA (Employer-Paid)
Maximum Taxable Earnings:$7,000
Percent of Taxable Wages:6.0%
Maximum Credit:5.4%
Normal Net Tax:0.6%

Supplemental Wage/Bonus Rate
Flat rate withholding method:22%
(Unchanged from 2023)
Pay over $1 Million:37%
(Unchanged from 2023)

Health Savings Account
Self-only Contribution Limit:$4,150
(Increased from $3,850 in 2023)
Family Contribution Limit$8,300
(Increased from $7,750 in 2023)
Catch-up Contribution Limit1,000
(Unchanged from 2023)

Retirement Plans
Contribution Limit 401(k) and 403(b)$23,000
(Increased from $22,500 in 2023)
Over age of 50 Contribution Limit 401(k) and 403(b)7,500
(Unchnaged from 2023)

Federal Tax Agencies and Links

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