2007 TAX SUMMARY RATES AND LIMITS

payrollpro — Sun, 25 Feb 2007 19:55:23 +0000

I’ve created a summary page for you and I hope you find this useful.

2007 TAX SUMMARY RATES AND LIMITS

	TAX RATE	EMPLOYEE PAYS	EMPLOYER PAYS	WAGE LIMIT
FEDERAL UNEMPLOYMENT (FUTA)	0.8%	NO	YES	$7000
SOCIAL SECURITY (FICA)	6.2%	YES	YES	$97,500
MEDICARE	1.45%	YES	YES	NO MAX
PERSONAL INCOME TAX	VARIES	YES	NO	NO MAX
STATE UNEMPLOYMENT (SUI)***	VARIES	NO/YES	YES	VARIES

Notes

***State Unemployment Insurance (SUI)- In a few states, the employees are required to pay the SUI tax. Please check your state for more details.

If you need more information about a specific state, you may want to check the Automatic Data Processing (ADP) Resources page. You will find a lot of useful information for employers, but you may still want to confirm the rates and wage limits every year since this is not an official government website.

Payroll Tips & Advice » 2007 Tax Updates

2007 TAX SUMMARY RATES AND LIMITS