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.
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