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2008 |
2007 |
2006 |
2005 |
2004 |
| Social Security Rate - Employer |
6.20% |
6.20% |
6.20% |
6.20% |
6.20% |
| Social Security Rate - Employee |
6.20% |
6.20% |
6.20% |
6.20% |
6.20% |
| Social Security Wage Base |
$102,000.00 |
$97,500.00 |
$94,200.00 |
$90,000.00 |
$87,900.00 |
Maximum Social Security
Tax - Employee |
$6,324.00 |
$6,045.00 |
$5,840.40 |
$5,580.00 |
$5,449.80 |
| |
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| Medicare Rate - Employer |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
| Medicare Rate - Employee |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
| Medicare Wage Base |
No Limit |
No Limit |
No Limit |
No Limit |
No Limit |
Maximum Medicare
Tax - Employee |
No Limit |
No Limit |
No Limit |
No Limit |
No Limit |
| |
Self-Employment Social
Security Rate |
12.40% |
12.40% |
12.40% |
12.40% |
12.40% |
Self-Employment Social
Security Wage Base |
$102,000.00 |
$97,500.00 |
$94,200.00 |
$90,000.00 |
$87,900.00 |
Maximum Self-Employment
Social Security Tax |
$12,648.00 |
$12,090.00 |
$11,680.00 |
$11,160.00 |
$11,680.00 |
| |
| Self-Employment Medicare Rate |
2.90% |
2.90% |
2.90% |
2.90% |
2.90% |
Self-Employment Medicare
Wage Base |
No Limit |
No Limit |
No Limit |
No Limit |
No Limit |
| Maximium Self-Employment Medicare Tax |
No Limit |
No Limit |
No Limit |
No Limit |
No Limit |
| |
| Federal Unemployment Rate |
0.60% |
0.80% |
0.80% |
0.80% |
0.80% |
Federal Unemployment
Wage Base |
$7,000.00 |
$7,000.00 |
$7,000.00 |
$7,000.00 |
$7,000.00 |
| Maximum Federal Unemployment per Employee |
$42.00 |
$56.00 |
$56.00 |
$56.00 |
$56.00 |
| |
| Illinois Unemployment Rate |
0.8%-7.2% |
1.0%-8.2% |
1.1%-8.9% |
1.2%-9.8% |
0.9%-8.6% |
| Illinois New Employer Rate |
3.40% |
3.90% |
4.20% |
4.70% |
4.00% |
Illiniois New Employer Rate
(Mining Rate) |
3.60% |
4.20% |
4.60% |
4.70% |
4.00% |
| Illinois Unemployment Wage Base |
$12,000.00 |
$11,500.00 |
$11,000.00 |
$10,500.00 |
$9,800.00 |
| |
| 401(k)/403(b) Exclusion |
| Maximium Contribution |
$15,500.00 |
$15,500.00 |
$15,000.00 |
$14,000.00 |
$13,000.00 |
| Catch-up Contribution (1) |
$5,000.00 |
$5,000.00 |
$5,000.00 |
$4,000.00 |
$3,000.00 |
| |
| IRA Contributions |
| Maximium Contribution |
$5,000.00 |
$4,000.00 |
$4,000.00 |
$4,000.00 |
$3,000.00 |
| Catch-up Contribution (1) |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$500.00 |
$500.00 |
| |
| Minimum Wage - Hourly Rates |
| Federal Regular Wage |
| Jan. - Jul. 23 |
$5.85 |
$5.15 |
$5.15 |
$5.15 |
$5.15 |
| Jul. 24 - Dec. |
$6.55 |
$5.85 |
$5.15 |
$5.15 |
$5.15 |
| Federal Opportunity Wage (2) |
$4.25 |
$4.25 |
$4.25 |
$4.25 |
$4.25 |
| Illinois Large Wage |
| Jan. - Jun. |
$7.50 |
$6.50 |
$6.50 |
$6.50 |
$5.50 |
| Jul. - Dec. |
$7.75 |
$7.50 |
$6.50 |
$6.50 |
$5.50 |
| Illinois New Employee (3) and Under 18 Wage |
| Jan. - Jun. |
$7.00 |
$6.00 |
$6.00 |
$6.00 |
$5.00 |
| Jul. - Dec. |
$7.25 |
$7.00 |
$6.00 |
$6.00 |
$5.00 |
| |
| Percentage Withholding From Supplemental Wages |
| Federal |
25.00% |
25.00% |
25.00% |
25.00% |
27.00% |
| Illinois |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
| Federal Backup Withholding |
28.00% |
28.00% |
28.00% |
28.00% |
30.00% |
| |
| Maximum Earnings Under Social Security Before Loss of Benefits |
| Under Age 65 ($1 lost for every $2 over limit) - Annual |
$13,560.00 |
$12,960.00 |
$12,480.00 |
$12,000.00 |
$11,640.00 |
| Monthly |
$1,130.00 |
$1,080.00 |
$1,040.00 |
$1,000.00 |
$970.00 |
| Age 65 and Over |
No Limit |
No Limit |
No Limit |
No Limit |
No Limit |
| (1) Maximum additional exclusion for age 50 and over |
| (2) Special "training wage" for first 90 days of employment for employees under 20 years of age |
| (3) Special "new employee wage" for first 90 days of employment effective July 1, 2007. |
| |
| Mileage Rate |
| Jan. - Aug. |
50.5 Cents |
48.5 Cents |
44.5 Cents |
40.5 Cents |
37.5 Cents |
| Sept. - Dec. |
50.5 Cents |
48.5 Cents |
44.5 Cents |
48.5 Cents |
37.5 Cents |
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