Payroll Thresholds
"BeyondPay makes doing payroll easy, and they answer all of our questions quickly and thoroughly." Bernice K. Leader, Ph.D., President, Leader Associates |
BeyondPay's Payroll Thresholds has everything you need to make payroll processing easy, efficient and cost effective. Have payroll questions? Need information about paperless payroll or web based data entry? Visit our Frequently Asked Questions or contact us and a BeyondPay accountant will personally answer your questions.
Withholding Tax Grid
2008 - FEDERAL TAXES - 2008 |
| TYPE OF TAX |
TAXABLE WAGE BASE |
EMPLOYER TAX RATE |
EMPLOYEE TAX RATE |
MAXIMUM EMPLOYER TAX |
MAXIMUM EMPLOYEE TAX |
| Social Security |
$102,000 |
6.20% |
6.20% |
$6,324.00 |
$6,324.00 |
| Medicare |
NO LIMIT |
1.45% |
1.45% |
NO LIMIT |
NO LIMIT |
| FUTA |
$7,000 |
0.80% |
N/A |
$56 |
N/A |
401(k) and Simple Plan Limits
2008 - RETIREMENT ACCOUNT LIMITS - 2008 |
| TYPE OF PLAN |
MAXIMUM CONTRIBUTION |
"CATCH-UP"
for employees over 50 |
| 401K , 403B, SARSEP |
$15,500 |
$5,000 |
Simple Plan
(Section 408) |
$10,500 |
$2,500 |
2008 - STATE UNEMPLOYMENT TAXES - 2008 |
| STATE |
TAXABLE WAGE BASE |
EMPLOYEE TAX RATE |
COMMENTS |
| PA |
$8,000 |
0.06% |
Employees taxed on total wages.
Employer pays tax on first $8,000 with rate assigned by state. |
| NJ |
$27,700 |
0.925% |
Employee taxed on first $27,700 of wages including tips, sick pay and taxable fringe benefits.
Employer pays tax on first $27,700 with rate assigned by state. |
Click here to download ViewChoice Operating Instructions.
|
