2018 Federal Tax Snapshot
Federal General Info | |
---|---|
Minimum Wage | $7.25 US Department of Labor |
FICA (Social Security Administration (SSA)) | |
SSA Limit | $128,400 |
SSA Maximum Tax Withheld | $7,960.80 |
SS Tax Rate for Employee Withholding | 6.20% |
SS Tax Rate for Employer Match | 6.20% |
Federal Return | 941 |
FICA (Medicare (MED)) | |
MED Limit | None |
MED Tax Rate for Employee Withholding | 1.45% |
MED Tax Rate for Employer(ER) Match | 1.45% |
Add’tl MED Tax | 0.90% - **Wages in excess of $200,000. No ER match** |
Federal Return | 941 (quarterly) or 944 (annually) |
FUTA (Federal Unemployment Tax): | |
FUTA Taxable Wage Limit | $7,000 |
FUTA Tax Rate after 5.40% maximum credit | 0.60% |
Federal Return | 940 (Due once a year on 01-31) |
Supplemental and Bonus Rates | |
Supplemental/Bonus Rate | 22% |
Supplemental Wage exceeding $1 million | 37% |
401K and Roth IRA Limits **401K and Roth IRA Contributions combined cannot exceed $24,500 a year. Exception for catch-up amounts** | |
401K Limit | $18,500 |
401K Catch-up (Age 50 and older) Limit **Eligible in the year the employee turns 50 and not on their birthday** |
$6,000 |
Total 401K Contribution with Catch-up | $24,500 |
Roth Limit | $5,500 |
Roth Catch-up (Age 50 and older) Limit **Eligible in the year the employee turns 50 and not on their birthday** | $1,000 |
Total Roth Contribution with Catch-up | $6,500 |
Overall Compensation Limit for Contributions:
|
Not to exceed the lesser of 100% of employee compensation or $55,000. $275,000 |
HSA (Health Savings Contribution) | |
HSA Limit – Self-Only HDHP Coverage (EE and ER) **HDHP (High Deductible Health Plan)** | $3,400 |
HSA Limit – Family HDHP Coverage (EE and ER) **HDHP (High Deductible Health Plan)** | $6,750 |
HSA Add’tl Contributions (Age 55 or older) – (EE and ER) ** Eligible individual who is age 55 or older at the end of your tax year** | $1,000 |