2019 Federal Tax Snapshot
| Federal General Info | |
|---|---|
| Minimum Wage | $7.25 US Department of Labor |
| FICA (Social Security Administration (SSA)) | |
| SSA Limit | $132,900 |
| SSA Maximum Tax Withheld | $8,239.80 |
| 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 $25,000 a year. Exception for catch-up amounts** | |
| 401K Limit | $19,000 |
| 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 | $25,000 |
| Roth Limit | $6,000 |
| 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 | $7,000 |
Overall Compensation Limit for Contributions:
|
Not to exceed the lesser of 100% of employee compensation or $56,000. $280,000 |
| HSA (Health Savings Contribution) | |
| HSA Limit – Self-Only HDHP Coverage (EE and ER) **HDHP (High Deductible Health Plan)** | $3,450 |
| HSA Limit – Family HDHP Coverage (EE and ER) **HDHP (High Deductible Health Plan)** | $6,900 |
| 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 |