Payroll requirements can fluctuate from year to year. Payroll Partners Plus has access to the latest information regarding federal and state requirements.
| Federal minimum wage | $7.25 |
| Social Security wage base (OASDI) | $118,500.00 |
| Maximum withholding for OASDI (Employer) | $7,347.00 |
| Maximum withholding for OASDI (Employee) | $7,347.00 |
| Social Security tax rate (Employer) | 6.20% |
| Social Security tax rate (Employee) | 6.20% |
| Medicare tax rate | 1.45% |
| Medicare tax rate on wages in excess of $200,000 | 0.9% |
| Amount of one annual federal withholding allowance | $4,000.00 |
| Standard mileage rate | 57.5 cents per mile |
| Monthly tax exempt amount for public transit passes | $130.00 |
| Monthly tax exempt parking benefits | $250.00 |
| Annual tax-exempt limit for educational assistance | $5,250 |
| Minimum salary used to define an HCE | $115,000.00 |
| Household employee FICA taxable | $1,900.00 or greater |
2015 Annual Qualified Plan Limits
(The above list is only a sample of 2015 payroll requirements)
