2023 Payroll Rates and Bases
Employee Social Security and Medicare | 6.20% / 1.45% | |
Employer Social Security and Medicare | 6.20% / 1.45% | |
Social Security Wage Limit | $160,200 | |
Medicare Wage Limit | Unlimited | |
FUTA (Federal Unemployment Tax Act) taxable wage base | $7,000 | |
FUTA rate | 6.0% | |
FUTA maximum credit | 5.4% | |
Minimum FUTA deposit rate | .6% | |
*Withhold added Medicare tax rate of .9% on wages over $200,000. |
2023 Qualified Retirement Plan Limits
Pretax contributions for 401(k)and SEP plans | $22,500 | |
Workers aged 50 and over (Catch-up) | $7,500 | |
Combined employer/employee pay-in limits for all defined contribution plans | $66,000 | |
Annual compensation limit under Sec. 401(s)(17) and Section. 404(1) | $330,000 | |
Sec. 408(k)(3)(c) IRA, SEP or | ||
SIMPLE plan limits | $330,000 | |
SIMPLE pretax contribution limit | $15,500 | |
Workers aged 50 and over (Catch-up) | $3,500 |
Important Forms
Per the IRS: File Form 1099-NEC & 1099-MISC for each person to whom you have paid during the year:
at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest at least $600 in:
- rents;
- services performed by someone who is not your employee;
- prizes and awards;
- other income payments;
- medical and health care payments;
- crop insurance proceeds;
- cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
- generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
- payments to an attorney; or
- any fishing boat proceeds
Please visit IRS.gov for updated and additional information.
Employee's Withholding Allowance Certificate, including recent updates, related forms and instructions on how to file.
Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States.
Provide your TIN to the person or business who is required to file an information return with the IRS to report, for example:
- real estate transactions
- mortgage interest you paid
- acquisition or abandonment of secured property
- cancellation of debt
- contributions you made to an IRA
- income paid to you