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 rate1.45%
Medicare tax rate on wages in excess of $200,0000.9%
Amount of one annual federal withholding allowance$4,000.00
Standard mileage rate57.5 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)