2015 Employer Tax Information and Workers' Comp Rates
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With 2015 well under way, we've put together a Quick Reference Guide that includes tax and wage information as well as workers' comp rates that will have an impact on your business and clients. As always, SourceOne Partners can provide guidance on maintaining compliance, obtaining workers' comp insurance, and finding solutions that will save you money on payroll, human resource functions, healthcare, benefits and more.
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2015 FLORIDA & FEDERAL WAGE & TAX INFO
SUPPLEMENTAL WAGE/BONUS RATES
Flat rate withholding method
[Unchanged from 2014]
25%
Pay over $1 Million
[Unchanged from 2014]
39.6%
Effective 7/24/09
Minimum Wage $7.25
Minimum Cash Wage
[Tipped Employee]
$2.13
Maximum Tip Credit $5.12
Youth Sub-Minimum Wage $4.25
Employees of Federal contractors Effective 1/1/15
Minimum Wage $10.10
Minimum Cash Wage
[Tipped Employee]
$4.90
Maximum Tip Credit $5.20
FICA [SOCIAL SECURITY]
Minimum Taxable Earnings
[Increased from $117,000 in 2014]
$118,500
Employee / Employer Tax Rate
[Unchanged from 2014]
6.2%
Self-Employment Tax Rate
[Unchanged from 2014]
12.4%
FICA [MEDICARE]
Minimum Taxable Earnings No Limit
Employee / Employer Tax Rate
[Unchanged from 2014]
1.45%
Additional Medicare Tax withholding on wages
> $200,000 eff. 1/1/13 [No Employer Match]
0.9%
Maximum Tax
[Unchanged from 2014]
No Limit
Self-Employment Tax Rate
[Unchanged from 2014]
2.9%
Self-Employment Additional Medicare Tax
withholding wages > $200,000 eff. 1/1/13
0.9%
FUTA [EMPLOYER-PAID]
Minimum Taxable Earnings $7,000
Percent of Taxable Wages 6.0%
Maximum Credit 5.4%
Normal Net Tax 0.6%
FEDERAL
AGENCY WEBSITES
• Internal Revenue Service: www.irs.gov
• Social Security Administration: www.ssa.gov
• U.S. Dept. of Labor: www.dol.gov
Effective 1/1/15
Minimum Wage $8.05
Minimum Cash Wage
[Tipped Employee]
$5.03
Maximum Tip Credit $3.02
UNEMPLOYMENT INSURANCE
Minimum Taxable Earnings
[Decreased from $8,000 in 2014]
$7,000
Employee Deduction None
Employer 2014 Tax Rates 0.59 - 5.40%
Standard 2015 New Employer Rates 2.7%
Voluntary Contribution Permitted No
DISABILITY INSURANCE
Employee Deduction None
STATE INCOME TAX
Wage Withholding None
Supplemental Wage / Bonus Rate None
STATE INCOME TAX
Wage Withholding None
Supplemental Wage / Bonus Rate None
FLORIDA
AGENCY WEBSITES
• Dept. of Revenue: http://dor.myflorida.com/dor/
• Dept. of Economic Opportunity: www.floridajobs.org](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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- 1. (561) 674-0748 | sourceonepartners.com 2015 QUICK REFERENCE GUIDE Employer Tax Information & Workers’ Comp Rates
- 2. sourceonepartners.com 2015 FLORIDA & FEDERAL WAGE & TAX INFO SUPPLEMENTAL WAGE/BONUS RATES Flat rate withholding method [Unchanged from 2014] 25% Pay over $1 Million [Unchanged from 2014] 39.6% Effective 7/24/09 Minimum Wage $7.25 Minimum Cash Wage [Tipped Employee] $2.13 Maximum Tip Credit $5.12 Youth Sub-Minimum Wage $4.25 Employees of Federal contractors Effective 1/1/15 Minimum Wage $10.10 Minimum Cash Wage [Tipped Employee] $4.90 Maximum Tip Credit $5.20 FICA [SOCIAL SECURITY] Minimum Taxable Earnings [Increased from $117,000 in 2014] $118,500 Employee / Employer Tax Rate [Unchanged from 2014] 6.2% Self-Employment Tax Rate [Unchanged from 2014] 12.4% FICA [MEDICARE] Minimum Taxable Earnings No Limit Employee / Employer Tax Rate [Unchanged from 2014] 1.45% Additional Medicare Tax withholding on wages > $200,000 eff. 1/1/13 [No Employer Match] 0.9% Maximum Tax [Unchanged from 2014] No Limit Self-Employment Tax Rate [Unchanged from 2014] 2.9% Self-Employment Additional Medicare Tax withholding wages > $200,000 eff. 1/1/13 0.9% FUTA [EMPLOYER-PAID] Minimum Taxable Earnings $7,000 Percent of Taxable Wages 6.0% Maximum Credit 5.4% Normal Net Tax 0.6% FEDERAL AGENCY WEBSITES • Internal Revenue Service: www.irs.gov • Social Security Administration: www.ssa.gov • U.S. Dept. of Labor: www.dol.gov Effective 1/1/15 Minimum Wage $8.05 Minimum Cash Wage [Tipped Employee] $5.03 Maximum Tip Credit $3.02 UNEMPLOYMENT INSURANCE Minimum Taxable Earnings [Decreased from $8,000 in 2014] $7,000 Employee Deduction None Employer 2014 Tax Rates 0.59 - 5.40% Standard 2015 New Employer Rates 2.7% Voluntary Contribution Permitted No DISABILITY INSURANCE Employee Deduction None STATE INCOME TAX Wage Withholding None Supplemental Wage / Bonus Rate None STATE INCOME TAX Wage Withholding None Supplemental Wage / Bonus Rate None FLORIDA AGENCY WEBSITES • Dept. of Revenue: http://dor.myflorida.com/dor/ • Dept. of Economic Opportunity: www.floridajobs.org
- 3. sourceonepartners.com 2015 KEY LIMITS FOR RETIREMENT PLANS 2014 2015 401(k), 403(b), 457(b) and SARSEP Elective Deferrals $17,500 $18,000 Catch-Up Contributions to 401(k), 403(b) and Governmental 457 Plans $5,500 $6,000 Elective Contributions to SIMPLE Plans $12,000 $12,500 Catch-Up Contributions to SIMPLE Plans $2,500 $3,000 IRA Contributions $5,500 $5,500 Catch-Up IRA Contributions $1,000 $1,000 Annual Limitation on Compensation $260,000 $265,000 415 Limitation on DB Benefits $210,000 $210,000 415 Limitation on DC Plan Contributions $52,000 $53,000 Highly Compensated Employee Threshold $115,000 $120,000 Key Employee Compensation Threshold $170,000 $170,000 Social Security Taxable Wage Base $117,000 $118,500
- 4. sourceonepartners.com 2015 WORKERS’ COMP COMMON CODES & RATES Common Codes Code 1/1/2015 1/1/2014 A/C 5537 7.23 7.86 Alum/Sheet Metal 5535 9.45 10.44 Building Maintenance 9015 5.07 5.14 Cabinet Shop w/o Mach 2881 3.81 3.8 Carpentry- commercial 5403 10.54 11.96 Carpentry- Multi Family-Remodel 5651 9.02 9.94 Carpentry shop only 2802 7.23 7.91 Carpentry Single Family-Framing 5645 15.91 16.31 Carpentry Trim/Cabinet/Handy Man 5437 8.44 8.23 Cell Tower 7600 5.01 4.56 Cleaner Debris Removal 5610 8.38 7.92 Clerical 8810 0.25 0.26 Concrete - Flat work 5221 6.25 6.38 Concrete - Residential 5215 14.77 14.66 Concrete NOC 5213 11.49 12.77 Drywall Install 5445 7.64 8 Electrical Wiring 5190 5.92 6.09 Excavation 6217 7.78 7.8 Executive Supervisor 5606 1.86 1.99 Insulation 5479 10.65 11.07 Irrigation 6229 6.45 7.25 Janitorial- Incl Windows 9170 8.48 7.71 Janitorial- No Windows 9014 4.95 5.21 Landscape Gardening 0042 8.29 8.23 Lawn Maintenance 9102 4.59 4.66 Masonry 5022 12.28 11.77 Milwright - Equip 3724 4.78 5.53 Painting 5474 11.05 11.04 Paper Hanging 5491 4.48 5.67 Plastering 5480 8.61 8.91 Plumbing 5183 5.46 5.67 Pressure Washing 9014 4.95 5.21 Restaurant 9082 2.34 2.55 Roofing 5551 17.46 18.62 Sales - Outside 8742 0.49 0.52 Stucco 5022 12.28 11.77 Swimming Pool Cons 5223 6.28 6.15 Tile Work - Inside 5348 6.28 5.78 Tree Trimming 106 16.31 19.09 Trucking 7219 7.97 8.98