Tax Limits

2019 Tax Limits

Minimum Wage:
Federal:  $7.25
PA: $7.25
NJ: $8.85

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

FICA:
Maximum earnings:  $132,900
Employer percentage: 6.2%
Maximum Deduction: $8,239.80
Self-Employment Tax: 12.4%
Employee percentage: 6.2%
Maximum Deduction: $8,239.80

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: 3.8809%
Philadelphia Non-resident: 3.4567%
Local jurisdictions: as applicable

PA SUI:
Employee percentage: .06%
Employer percentage: contribution rates vary by employer
Maximum Earnings: $10,000.00

401(k) Limits:
Annual elective deferral limit: $19,000
“Catch-up” contribution limit: $6,000 (must be 50 years old by the end of the plan year)

Simple IRA Limits:
Annual elective deferral limit: $13,000
“Catch-up” contribution limit: $3,000 (must be 50 years old by the end of the plan year)

Mileage allowance:
Business purposes: 58 cents/mile
Charitable purposes: 14 cents/mile
Medical purposes: 20 cents/mile
Moving purposes: 20 cents/mile