The 2015 tax rates have been announced. These are the rates for many of the Federal and State deductions in your paycheck. The 2015 tax rates are as follows:
The Social Security Tax rate for employees is 6.2 percent through the end of 2015, with maximum taxable earnings of $118,500. (Source: Social Security Administration website.)
The Medicare Tax rate is 1.45 percent with no maximum wage-base limit.
Please note that as of 2013, wages paid in excess of $200,000 to high-earner employees will be subject to an extra 0.9 percent Medicare Tax that will be withheld from those employees’ wages.
The NJ Unemployment and Disability wage limit is increasing to $32,000 (from $31,500 in 2014).
The NJ Disability Tax rate decreased from .38 percent to .25 percent.
The NJ Family Leave Act rate decreased from .0010 percent to .0009 percent.
The PA State Personal Income Tax rate is 3.07 percent.
The PA State Unemployment Tax rate is .07 percent. Taxable wage limit is $9,000.
The City of Philadelphia Wage Tax rate is 3.920 percent for Philadelphia residents and 3.4915 percent for non-residents.
Additional payroll tax information can be found on the portal under Departments/Finance/Payroll.
Comments are closed, but trackbacks and pingbacks are open.