A List of Additional Resources below
- Common Payroll Forms, Explanations and Filing Addresses
- Federal Tax Forms List
- Federal Publications Fed Listing
- Employer’s Quarterly 941 Federal Tax Return
- Employer’s Annual 940 Federal Unemployment Tax Return
- Employer’s Annual 944 Federal Tax Return
- W2 - Wage and Tax Statement
- 1099 and 1096 Form Defined
- Automatic Extension Form 1120
- Automatic Extension Form 7004
Federal Withholding Information
- Federal Regular Withholding Formula
- Federal Supplemental Withholding Formula
- Personal exemption - $4,150 for 2018
Social Security (Old age, survivors, and disability insurance):
6.2% on $132,900 for 2019 (employee & employer)
12.4% on $132,900 for 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
Federal Hourly minimum rate is $7.25 effective 7/24/09.