Client Center
| 2011 | 2010 | |||||
|---|---|---|---|---|---|---|
| SS only | Medicare only | SS & Medicare | SS Only | Medicare only | SS & Medicare | |
| FICA | ||||||
| Employee Rate | 4.20% | 1.45% | 5.65% | 6.20% | 1.45% | 7.65% |
| Employer Rate | 6.20% | 1.45% | 7.65% | 6.20% | 1.45% | 7.65% |
| Total Rate | 10.40% | 2.90% | 13.30% | 12.40% | 2.90% | 15.30% |
| Self-employed rate | 10.40% | 2.90% | 13.30% | 12.40% | 2.90% | 15.30% |
| Wages subject to tax | ||
| 2011 | 2010 | |
|---|---|---|
| Social Security | Wages up to $106,800 | Wages up to $106,800 |
| Medicare | All wages (no limit) | All wages (no limit) |
FUTA |
||
| Maximum wages subject to tax | $7,000 | $7,000 |
| Net Rate | *0.8% | 0.8% |
| **0.6% | ||
| *1-1 to 6-30-11 | ||
| **7-1 to 12-31-11 | ||
SUTA - (Job Service) |
||
| Maximum wages subject to tax | $24,700 | $24,500 |
| Surcharge Rate | 0.0% | 0.0% |
| New Employers - Non Const. | 1.50% | 1.00% |
| Construction | 9.00% | 8.00% |
Maximum Retirement Plan Contributions |
||
| 401(k) plans, 403(b) annuities, salary reduction SEP's | $16,500 | $16,500 |
| If age 50 or over | $22,000 | $22,000 |
| SIMPLE plans | $11,500 | $11,500 |
| If age 50 or over | $14,000 | $14,000 |
| Traditional IRA, Roth IRA | $5,000 | $5,000 |
| If age 50 or over | $6,000 | $6,000 |
| SEP, Profit Sharing Plan, Stock Bonus Plan (KEOGH) | $49,000 | $49,000 |
SS Benefits |
||
| Maximum earned income before SS benefits will be reduced: | ||
| Below age 65 | $14,160 | $14,160 |
| Age 65-69 | No Limit * | No Limit * |
| Age 70+ | No Limit | No Limit |
| * Limited to $37,680 for the months of the year before full retirement age is reached (65 years & 0 months) | ||
| Federal (effective 7-24-09) | $7.25 |
| IA (effective 1-1-08) | $7.25 |
