2018 FEDERAL TAX SNAPSHOT

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:
  • Annual Contributions for all accounts
  • Amount of compensation considered for Employer and Employee Contribution
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