Paychex Tax Facts
2015
Federal Rates and Limits
FICA
Federal Minimum Wage
Social Security (OASDI) Wage Base.............................................................................. $118,500
Medicare (HI) Wage Base............................................................................................... No Limit
Social Security (OASDI) Percentage.................................................................................... 6.2%
Medicare (HI) Percentage............................1.45% (2.35% for individuals earning over $200,000)
Maximum Employee Social Security (OASDI) Withholding.............................................$7,347.00
Maximum Medicare (HI) Withholding.............................................................................. No Limit
Maximum Amount of Earnings to Still Receive Full Benefits
Under Full Retirement Age.............................................................................................. $15,720
$7.25
FLSA employers are required
to follow federal minimum wage rules when
the state minimum wage is less than the
federal minimum wage.
Mileage Rates
Business.............................. 57.5¢/mile
Medical...................................23¢/mile
Moving....................................23¢/mile
Charitable................................14¢/mile
Amount of AGI Causing SS Benefits to be Taxable (85%)
Married/Filing Jointly..................................................................................................... $44,000
Single............................................................................................................................ $34,000
Retirement Contributions
Maximum Elective Deferral to 401(k) and 403(b)...............................................................$18,000
Maximum Elective Deferral to SIMPLE IRA Plans............................................................. $12,500
Maximum Annual Contribution to Defined Contribution Plans.....................The lesser of 100% of
compensation or $53,000
Maximum Annual Contribution to Keogh or SEP-IRA.......... The lesser of 25% of W-2 or $53,000
Maximum Annual Compensation Taken into Account for Contributions..........................$265,000
Threshold Amount for Definition of Highly Compensated Employees.............................$120,000
Threshold Amount for Definition of Key Employee in Top-Heavy Plans........................... $170,000
Rates are subject to change.
For current, real-time
federal and state-specific
tax information, or to create your
own customized Tax Facts, visit
www.paychex.com/
accounting-professionals/
resources/tax-facts.aspx
Catch-Up Contribution Limits –
Individuals who will be at least age 50 by the end of the year can make catch-up contributions.
401(k) Plans..................................................................................................................... $6,000
SIMPLE Plans.................................................................................................................. $3,000
1
Rates vary by industry. 2
Rates include surcharges. 3
Special rules apply to minimum wage standards for this state. Please refer to state laws.
State Rates and Limits
Region: Midwest
State Withholding
Tax Rate %
State Unemployment
Taxable Wage Base Limit
State Unemployment
Rate Range for Negative and
Positive Fund Employers
State Minimum
Wage
State Minimum
Wage with Tips
Illinois
3.75%
$12,960
0.55%-8.15%
3.75% New ER2
5.45% New Construction ER2
$8.253
$4.953
Indiana
3.30%
$9,500
0.5%-9.4%
2.50%
$7.253
$2.133
$7.25
$4.35
2
State Unemployment
New Business Rate
(Rates do not include surcharges unless noted.)
Iowa
0.36%-8.98%
$27,300
0%-7.5%
1.0% New ER
7.5% Construction
Kansas
3.5%-6.45%
$12,000
0.07%-7.4%
2.7% New ER
6.0% Construction
$7.25
$2.133
4.25%
$9,500
0.06%-10.3%
2.7% New ER
8.6% New Construction
$8.153
$3.103
5.35%-9.85%
$30,000
0.1%-9.0%
1.76% New ER
9.0% Construction
$8.003
$8.003
Missouri
1.5%-6.0%
$13,000
0%-7.8%
3.51% New ER
4.622% Construction
$7.65
$3.83
Nebraska
2.35%-6.95%
$9,000
0%-5.40%
1.25% New ER
5.40% Construction
$8.003
$2.133
North Dakota
1.21%-3.22%
$33,600
0.16%-9.76%
1.22%-6.18% New ER
9.78% Construction
$7.25
$4.86
0.581%-5.805%
$9,000
0.3%-8.6%
2.7% New ER
6.5% Construction
$8.10
$4.05
N/A
$14,000
0%-9.5%
1.0%-1.2% New ER
3.0%-6.0% Construction
$8.50
$4.25
$14,000
0.27%-12.0%1
Range of rates can vary
by small/large firms
3.6%-4.1% New ER
6.60% Construction
$7.253
$2.333
Michigan
Minnesota
Ohio
South Dakota
Wisconsin
4.0%-7.65%
1/02/15
Rates for 2015 as known on January 2, 2015. This material is current only as of the date of publication. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is furnished with the understanding that the
publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert services are required, the services of a competent professional should be sought.
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