Accounting

Payroll

2008 Tax Limits

Minimum Wage:
Federal:  $6.55 (Will increase to $7.25 on 7/24/09)
PA:  More than 10 full time employees $7.15
PA: 10 or fewer full time employees $6.65 (will increase to $7.15 on July 1, 2008)
NJ: $7.15

Minimum Wage with Tips:
Federal:  $2.13
PA:  $2.83
NJ: $5.02

FICA:
Maximum earnings:  $102,000
Employee/Employer percentage: 6.2%
Maximum Deduction: $6,324.00
Self-Employment Tax: 12.4%

Medicare:
Employee/Employer percentage: 1.45%
Self-Employment Tax: 2.90%

FUTA:
Rate: 6.2%
Maximum credit: 5.4%
Normal net tax: 0.8%
Maximum Earnings: $7000.00

PA State Tax:
State percentage: 3.07%
Philadelphia Resident: 4.219 %
Philadelphia Non-resident: 3.7242%
Local jurisdictions: as applicable

SUI:
Employee percentage: .06%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $8000.00

401(k) Limits:
Annual elective deferral limit: $15,500
"Catch-up" contribution limit: $5,000 (must be 50 years old by the end of the plan year)

Mileage allowance:
Business purposes: 50.50 cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 19 cents/mile
Moving purposes: 19 cents/mile