Federal Fast Wage and Tax Facts

Federal Tax Facts

Minimum Wage

  • Effective
    7/24/2009
  • Minimum Wage
    $7.25
  • Minimum Cash Wage (Tipped Employee)
    $2.13
  • Maximum Tip Credit
    $5.12
  • Youth Minimum Wage
    $4.25

FICA (Medicare)

  • Maximum Taxable Earnings
    No Limit
  • Employee / Employer Tax Rate (Unchanged from 2018)
    1.45%
  • Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)
    0.90%

FICA (Social Security)

  • Maximum Taxable Earnings (Increased from $128,400 in 2018)
    $132,900
  • Employee / Employer Tax Rate (Unchanged from 2018)
    6.20%

FUTA (Employer-Paid)

  • Maximum Taxable Earnings
    $7,000
  • Percent of Taxable Wages
    6.00%
  • Maximum Credit
    5.40%
  • Normal Net Tax
    0.60%

Supplemental Wage / Bonus Rates

  • Flat Rate Withholding Method (Unchanged from 2018)
    22%
  • Pay over $1 Million (Unchanged from 2018)
    37%

Health Savings Accounts

  • Self-Only Contribution Limit (Employee / Employer) (Increased from $3,450 in 2018)
    $3,500
  • Family Contribution Limit (Employee / Employer) (Increased from $6,900 in 2018)
    $7,000
  • Catch-up Contribution Limit (Employee / Employer) (Unchanged from 2018)
    $1,000

Pension Plans

  • Contribution Limit - 401(k) & 403(b) plans (Increased from $18,500 in 2018)
    $19,000
  • Catch-up Contribution Limit - 401(k) & 403(b) plans (age 50 or older) (Unchanged from 2018)
    $6,000

FAST WAGE AND TAX FACTS is distributed with the understanding that the publisher is not rendering legal, accounting, tax or other professional services. If legal advice or other assistance is required, an attorney, CPA or tax adviser should be consulted. Minimum wage rates may vary by industry and may be superseded by Federal minimum wage rules. Contact the proper agency to verify.

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