Tax Limits

2012 Tax Limits

Minimum Wage:
Federal:  $7.25
PA: $7.25
NJ: $7.25

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

FICA:
Maximum earnings:  $110,100
Employer percentage: 6.2%
Maximum Deduction: $6,826.20
Self-Employment Tax: 10.4%
Employee percentage: 4.2%
Maximum Deduction: $4,624.20

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

FUTA:
Rate: 6.2%
Maximum credit: 5.3%
Normal net tax: 0.6%
Credit reduction rate: 0.3%
Maximum Earnings: $7000.00

PA State Tax:
State percentage: 3.07%
Philadelphia Resident: 3.9280%
Philadelphia Non-resident: 3.4985%
Local jurisdictions: as applicable

SUI:
Employee percentage: .08%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $8000.00

401(k) Limits:
Annual elective deferral limit: $17,000
"Catch-up" contribution limit: $5,500 (must be 50 years old by the end of the plan year)

Mileage allowance:
Business purposes: 55.5cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 23.5 cents/mile
Moving purposes: 23.5 cents/mile

Corporate Ltd Info

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