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Year 2008 Tax Compliance Guide (download pdf)
This guide contains valuable information regarding Year 2007 payroll tax rates,
fringe benefits and other important information that may affect your company.
Please take a moment to read this guide and make it available to all your
accounting personnel. Once you are familiar with its contents, you will want to
refer to it often during the New Year.
If you have any questions, please do not hesitate to call. We welcome the opportunity to serve you!
QUICK REFERENCE GUIDE
| |
Rate |
Wage Limit |
Amount |
| Federal Taxes: |
|
|
|
| Employee/Employer |
|
|
|
| Social Security
|
6.2% |
$102,000 |
$6,324.00 |
| Medicare
|
1.45% |
Unlimited |
Unlimited |
| Employer
|
|
|
|
| FUTA (if 5.4% SUI paid)
|
0.8% |
$7,000 |
$56.00 |
| |
|
|
|
| State Taxes: |
|
|
|
| Employee
|
|
|
|
| Disability (SDI)
|
0.8% |
$86,698 |
$693.58 |
| Employer
|
|
|
|
| SUI
|
Varies |
$7,000 |
Varies |
| ETT
|
0.1% |
$7,000 |
$7.00 |
| Saving Plan (401k)
|
Maximum Contribution |
|
$15,500 |
| Earnings Limit for Social Security Benefits:
|
|
|
|
| Less than Age 65
|
|
$13,560 |
|
| 65 or over |
|
Unlimited |
|
| Auto Mileage Rate
|
50.5¢ / mile |
|
|
|
|
