2007/2008 Tax Rates/Limits (Changes in Bold)
| Minimum Wage |
2007 |
2008 |
| |
Federal |
U.S. Department of Labor |
U.S. Department of Labor |
| |
Minnesota |
MN Department of Labor |
MN Department of Labor |
| |
| FICA (Social Security) |
| |
Max Taxable Earnings |
$97,500 |
$102,000 |
| |
Employee/Employer % |
6.2% |
6.2% |
| |
Max Deduction |
$6,045 |
$6,324 |
| |
| FICA (Medicare) |
| |
Max Taxable Earnings |
No Max |
No Max |
| |
Employee/Employer % |
1.45% |
1.45% |
| |
Max Deduction |
No Max |
No Max |
| |
| FUTA |
| |
Max Taxable Earnings |
$7,000 |
$7,000 |
| |
% of Taxable Earnings |
6.2% |
6.2% |
| |
Max Credit |
5.4% |
5.4% |
| |
Normal Net Tax |
0.8% |
0.8% |
| |
| Unemployment Insurance |
| |
MN Taxable Wage Base |
$24,000 |
$25,000 |
| |
Employee Deduction |
None |
None |
| |
| Supplemental Wage/Bonus Rate |
| |
Federal Flat |
25% |
25% |
| |
Minnesota Flat |
6.25% |
6.25% |
| |
| Standard Mileage Rate |
| |
Rate |
48.5 cents/mile |
50.5-Jan-Jun, 58.5 Jul-Dec |
| |
| Deferral Amounts |
| |
Max 401(k)/403(b) Elective Amount |
$15,500 |
$15,500 |
| |
Catch-Up Contributions (50+) |
$5,000 |
$5,000 |
| |
SIMPLE Plan Employee Amount |
$10,500 |
$10,500 |
| |
SIMPLE Catch-Up Contributions (50+) |
$2,500 |
$2,500 |
| |
| Federal Reserve Holidays |
| |
New Year’s Day |
Mon., Jan. 1st |
Tues., Jan. 1st |
| |
Martin Luther King Jr. Day |
Mon., Jan. 15th |
Mon., Jan. 21st |
| |
Washington’s B-Day |
Mon., Feb. 19th |
Mon., Feb. 18th |
| |
Memorial Day |
Mon., May 28th |
Mon., May 26th |
| |
Independence Day |
Wed., July 4th |
Fri., July 4th |
| |
Labor Day |
Mon., Sept. 3rd |
Mon., Sept. 1st |
| |
Columbus Day |
Mon., Oct 8th |
Mon., Oct 13th |
| |
Veteran’s Day |
Sun., Nov. 11th |
Tues., Nov. 11th |
| |
Thanksgiving Day |
Thurs., Nov. 22nd |
Thurs., Nov. 27th |
| |
Christmas Day |
Tues., Dec. 25th |
Thurs., Dec. 25th |
|
