Forms & Tools

2021 Wage & Tax Info

FICA Social Security  
Maximum Taxable Earnings $142,800
Employer Tax Rate 6.2%
Employee Tax Rate 6.2%
Self Employment Tax Rates 12.4%
FICA Medicare  
Maximum Taxable Earnings No Limit
Employer / Employee Rate (first 200,000 for ee) 1.45%
Additional Medicare Tax (after 200,000 for single filers) + .9%
Self Employment Tax 2.9%
 
Taxable Wage Base $7,000
Normal Net Tax 0.6%
Indiana Current (includes credit reduction) 1.8%

FUTA is an employer paid tax and currently can vary by state dependant on State Credit Reductions in place, check www.irs.gov for a current listing for all states.

 
Standard Income Table
Supplemental / Bonus Wages 3.4%
 
Taxable Wage Base $9,500
Employee Contribution None
Employer Rates .515 - 7.992%
New Business Beginning Rate 2.50%
 
Minimum Wage $7.25
Minimum Cash Wage for Tipped Employees $2.13
Youth Sub-minimum Wage $4.25
 
Minimum Wage $7.25 (follows federal)
Minimum Cash Wage for Tipped Employees $2.13
 
Contribution Limit $19,500
Catch-up Contribution (age 50 or older) $6,500

More information can be found on www.irs.gov/Retirement-Plans/

 
Contribution Limit $5,500
Catch-up Contribution (age 50 or older) $1,000
 
Contribution Limit $13,500
Catch-up Contribution (age 50 or older) $3,000

All information current as of 01/01/2020
*Although every effort is made to insure accurate information contained within this table, please contact the appropriate agency for the most up to date rates, limits, etc.

Definition of Terms


FICA

Federal Insurance Contributions Act is the combined taxes for Social Security and Medicare payroll taxes. The payroll taxes are frequently referred to as FICA taxes.

FUTA

The Federal Unemployment Tax Act (FUTA) is a federal law. It requires employers to pay a certain percentage on their employee's wages (up to a maximum wage limit) as a payroll tax to help fund unemployment compensation benefits for separated employees.

Form 941

Reconciling federal payroll taxes (federal income tax, employee and employer share of social security and Medicare taxes) for the quarter.

SUTA/SUI

State Unemployment Tax Act (SUTA) or State Unemployment Insurance (SUI) is an employer-paid insurance program that helps workers who are unemployed through no fault of their own. It provides temporary financial help to qualified individuals, based on their previous earnings, while they are looking for other work. Employer taxes and reimbursements support the Unemployment Trust Fund.

W-2

The form that an employer must provide to each employee and the Social Security Administration at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.

W-3

The form that an employer must provided to Social Security Administration at the end of the year. The form W-3 contains totals of the amounts reported on the employee's W-2 forms, acting as a “reconciliation” of those forms.

Form 940

Form 940 reconciles your annual Federal Unemployment Tax Act (FUTA). The FUTA tax applies to the first $7,000 paid to each employee during a calendar year after subtracting any exempt payments.

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