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FICA/SOCIAL SECURITY
Maximum Taxable Earnings:
$72,600
Withholding tax rate: 6.2%
Maximum deduction: $4,501.20
employer's tax rate: 6.2%
Maximum employer expense : $4501.20
Self Employment Tax
Rate 12.4%
FlCA/MEDICARE
Withholding tax rate: 1.45%
(Employer's expense tax rate 1.45%)
Self Employment Tax: 2.9%
There is no limit on FICA/Medicare
FUTA
Maximum Taxable Earnings: $7,000
Tax rate: 6.2%
Maximum Credit for state taxes: 5.4%
Normal Net Tax: 0.8% |
NEW JERSEY SUI/SDI
Maximum Taxable Earnings: $19,300
Withholding tax rates:
Workforce Development
0.025%
Disability Insurance
0.5%
Unemployment Fund 0.1%
Health Care Fund 0.3%
Total withholding
0.925%
Maximum amount withheld
$178.53
Employer Tax Rates are based on state rating (0.3-5.4%)
Standard New Employer Rate: 2.7%
Voluntary Contribution Permitted
Questions or comments?
Email us at
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Richard G. Price,
CPA, P.C.
Certified Public Accountant
and Consultant
281 Highway 79 • Morganville,
NJ 07751
Tel: 732-970-1040 Fax:
732-970-1414 |
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