Need to know what the payroll related tax limits, mileage rates, etc are for 2013. Here you go…..
- Social Security wage base: 6.2% of the first $113,700 in wages
- Medicare tax: 1.45% on the first $200,000 in wages ($250,000 married), 2.35% on all addition wages.
- FUTA Tax Rate: .6% of first $7,000 in wages (Note: FUTA Credit Reduction States will experience additional FUTA tax. The Federal Gov will determine those states at the end of the year. In 2012, there were 18.)
Basic Deferred Savings Plan Limits
- 401K, 403B: $17,500
- Catch-up (for those 55 or older): $5,500
- Simple: $12,000
- Section 457; $17,500
- Individual Retirement Account (IRA): $5,500
- Business Miles: 56.5 cents
- Medical or moving miles: 24 cents
- Charitable miles: 14 cents
Please feel free to call one of our payroll specialists at 423-854-9042 if you need assistance with other payroll issues.