Richard G. Price, CPA, P.C.: A Full Service Accounting Firm in Central New Jersey

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

Wage and Payroll Tax Data

Payroll law and payroll tax rules are extremely complex. You have to consider the interaction of federal, state and local rules. To give you an idea of how the rules work, here's a summary of some of the more important numbers. If you have any questions, you can email us, or contact the   Internal Revenue Service or New Jersey Division of Taxation.
  Click here or scroll down for 1998 Wage and Payroll Tax Data
This information is current as of January 1, 2002, and it doesn't cover every detail. Don't take any actions based on this data . . . check with your professional advisor or the appropriate government agencies first.

                               1999 Wage and Payroll Tax Data
                     Click here to format this table for printing

MINIMUM WAGE
FEDERAL $5.15 If your employee receives tips: Less: Maximum Tip Credit: $3.02 Minimum Cash Wage: $2.13 Special minimum wage for youths: $4.25	NEW JERSEY $5.05 If your employee receives tips: Less: Maximum Tip Credit: $2.02 Minimum Cash Wage: $3.03

Federal and State income tax withholding are based on government tables

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

1998 Wage and Payroll Tax Data
click here to format this table for printing

Payroll law and payroll tax rules are extremely complex. You have to consider the interaction of federal, state and local rules. To give you an idea of how the rules work, here's a summary of some of the more important numbers. If you have any questions, you can email us, or contact the Internal Revenue Service or New Jersey Division of Taxation.
This information is current as of January 1, 1998, and it doesn't cover every detail. Don't take any actions based on this data . . . check with your professional advisor or the appropriate government agencies first.

MINIMUM WAGE
FEDERAL: 5.15 If your employee receives tips: Less: Maximum Tip Credit: $3.02 Minimum Cash Wage: $2.13 Special minimum wage for youths: $4.25	NEW JERSEY: $5.05 If your employee receives tips: Less: Maximum Tip Credit: $2.02 Minimum Cash Wage: $3.03

INCOME TAXES are based on government tables

FICA/SOCIAL SECURITY Maximum Taxable Earnings: $68,400 (1997 maximum: $65,400) Withholding tax rate: 6.2% employer's tax rate: 6.2% Maximum deduction: $4,240 employer maximum tax expense: $4,240 (1997 maximum: $4,054.80) Self Employment Tax Rate 12.4% FlCA/MEDICARE Maximum Taxable Earnings: No Limit Withholding tax rate: 1.45% Employer expense tax rate: 1.45% Maximum Deduction: No Limit 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%	NEWEJERSEY SUI/SDI Maximum Taxable Earnings: $19,300 (1997 maximum: $18,600) 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 (1997 maximum: $190.65) Employer Tax Rates are based on State ratings (0.3-5.4%) Standard New Employer Rate: 2.7% Voluntary Contribution Permitted Questions or comments? Email us at rprice@rgpcpa.com

last updated
May 2002

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