2025 Tax Limits
Minimum Wage:
Federal: $7.25
PA: $7.25
NJ: $15.49
Minimum Wage with Tips:
Federal: $2.13
PA: $2.83
NJ: $5.62
FICA:
Maximum earnings: $176,100
Employer percentage: 6.2%
Maximum Deduction: $10,918.20
Self-Employment Tax: 12.4%
Employee percentage: 6.2%
Maximum Deduction: $10,918.20
Medicare:
Employee/Employer percentage: 1.45%
Wages Paid in excess of $200,000: additional employee tax of 0.9%
Self-Employment Tax: 2.90%
FUTA:
Rate: 6.0%
Maximum credit: 5.4%
Normal net tax: 0.6%
Maximum Earnings: $7,000.00
PA State Tax:
State percentage: 3.07%
Philadelphia Resident: 3.75%
Philadelphia Non-resident: 3.44%
Local jurisdictions: as applicable
PA SUI:
Employee percentage: .07%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $10,000.00
401(k) Limits:
Annual elective deferral limit: $23,500
“Catch-up” contribution limit: $7,500 (must be 50 years old by the end of the plan year)
Increased “catch-up” (ages 60-63): $11,250
Simple IRA Limits:
Annual elective deferral limit: $16,500
“Catch-up” contribution limit (must be 50 years old by the end of the plan year): $3,500
Increased “catch-up” (ages 60-63): $5,250
Mileage allowance:
Business purposes: 70 cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 21 cents/mile
Moving purposes: 21 cents/mile