2020 Tax Facts

FEDERAL

AGENCY WEBSITES:

Minimum Wage

$7.25

Minimum Cash Wage (Food Service)

$2.13

Maximum Tip Credit (Food Service)

$5.12

Youth Sub-Minimum Age

$4.25

FICA

Social Security Wage Base

$137,700.00

Social Security % EE/ER

6.2%

Maximum Withholding

$8,537.40

Medicare Wage Base

No Limit

Medicare % EE/ER

1.45%

Medicare Wages over $200,000

Add’l 0.9%

FUTA

Wage Base

$7,000.00

% of Taxable Wage

6.0%

Maximum Credit

5.4%

Normal Net Tax

0.6%

FUTA Tax Per Employee

$42/year

RETIREMENT PLANS

401(k), 403(b) & 457 Plans

$19,500.00

401(k), 403(b) & 457 Catch Up Amount

$6,500.00

Simple IRA & 401(k)

$13,500.00

Catch Up Simple 401(k) & Simple IRA

$3000.00

P: 201.712.1157
F: 201.712.1167

65 Harristown Road, Second Floor Glen Rock, NJ 07452

NEW JERSEY

AGENCY WEBSITE:

Minimum Wage

$11.00

Minimum Wage (Tipped Employees)

$3.13

Minimum Tip Credit

$7.87

SUI Taxable Wage Maximum

$35,300.00

SUI Employer Rate Range

0.2825 – 5.4%

New Employer Unemployment Rate

2.6825%

Maximum Employee Deduction

$150.02

DIS/FLI Employer Taxable Wage Max

$35,300.00

DIS/FLI Employee Taxable Wage Max

$134,900.00

Disability Employee Deduction Rate

0.26%

Maximum Employee Deduction

$350.74

DIS Employer Tax Rates

0.1 – 0.75%

DIS Standard New Employer Rate

0.50%

Family Leave Insurance Rate

0.16%

Maximum Employee Deduction

$215.84

NEW YORK

AGENCY WEBSITE:

Minimum Wage

$11.80

Minimum Wage (Tipped Employees)

$7.85*

Maximum Tip Credit

$3.95*

NY SUI

*Base rates (outside of Nassau, Suffolk and Westchester counties or NYC)

Employee %

None

SUI Taxable Wage Maximum

$11,600.00

SUI Employer Rate Range

0.60 – 7.9%

Standard New Employer Rate

3.2%

PENNSYLVANIA

AGENCY WEBSITE:

Minimum Wage

$7.25

Minimum Wage (Tipped Employees)

$2.83

Maximum Tip Credit

$4.42

PA SUI

(different rates apply to Employers with 10 or less full-time Employees, effective 1/1/07)

Maximum Taxable Earnings

$10,000

Employee Deduction (Wages Paid x 0.06%)

Unlimited

Employer Tax Rates

1.2905 – 9.9333%

Standard New Employer Rate

3.689% Non Construction
10.2238% Construction

FEDERAL

AGENCY WEBSITES:

Minimum Wage

$7.25

Minimum Cash Wage (Food Service)

$2.13

Maximum Tip Credit (Food Service)

$5.12

Youth Sub-Minimum Age

$4.25

FICA

Social Security Wage Base

$137,700.00

Social Security % EE/ER

6.2%

Maximum Withholding

$8,537.40

Medicare Wage Base

No Limit

Medicare % EE/ER

1.45%

Medicare Wages over $200,000

Add’l 0.9%

FUTA

Wage Base

$7,000.00

% of Taxable Wage

6.0%

Maximum Credit

5.4%

Normal Net Tax

0.6%

FUTA Tax Per Employee

$42/year

RETIREMENT PLANS

401(k), 403(b) & 457 Plans

$19,500.00

401(k), 403(b) & 457 Catch Up Amount

$6,500.00

Simple IRA & 401(k)

$13,500.00

Catch Up Simple 401(k) & Simple IRA

$3,000.00

NEW JERSEY

AGENCY WEBSITES:

Minimum Wage

$11.00

Minimum Wage (Tipped Employees)

$3.13

Maximum Tip Credit

$7.87

SUI Taxable Wage Maximum

$35,300.00

SUI Employer Rate Range

0.2825 – 5.4%

New Employer Unemployment Rate

2.6825%

Maximum Employee Deduction

$150.02

DIS/FLI Employer Taxable Wage Max

$35,300.00

DIS/FLI Employee Taxable Wage Max

$134,900.00

Disability Employee Deduction Rate

0.26%

Maximum Employee Deduction

$350.74

DIS Employer Tax Rates

0.1 – 0.75%

DIS Standard New Employer Rate

0.50%

Family Leave Insurance Rate

0.16%

Maximum Employee Deduction

$215.84

NEW YORK

AGENCY WEBSITES:

Minimum Wage

$11.80

Minimum Wage (Tipped Employees)

$7.85*

Maximum Tip Credit

$3.95*

NY SUI

*Base rates (outside of Nassau, Suffolk and Westchester counties or NYC)

Employee %

None

SUI Taxable Wage Maximum

$11,600.00

SUI Employer Rate Range

0.60 – 7.9%

SUI Employer Rate Range

3.2%

PENNSYLVANIA

AGENCY WEBSITES:

Minimum Wage

$7.25

Minimum Wage (Tipped Employees)

$2.83

Maximum Tip Credit

$4.42

PA SUI

(different rates apply to Employers with 10 or less full-time Employees, effective 1/1/07)

Maximum Taxable Earnings

$10,000.00

Employee Deduction (Wages Paid x 0.06%)

Unlimited

Employer Tax Rates

1.2905 – 9.9333%

Standard New Employer Rate

3.689% Non Construction
10.2238% Construction

Contact Us

P: 201.712.1157
F: 201.712.1167

65 Harristown Road, Second Floor
Glen Rock, NJ 07452

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