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Quick Facts
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Please read our disclaimer regarding these reference tables.
Minimum and Overtime Rates
Payroll Taxes
Maximum Earnings Before Reduction in Social Security Benefits
Medicare Deduction From Social Security Benefits
Mileage Allowance
Pension and Benefit Plan Contribution Limits
| Minimum |
$4.25 per hour effective 1-1-93 |
| Overtime |
One and one-half over 40 hours per week |
| $4.38 effective 9-1-97 for individuals between the ages of 16 and 19 years old seeking employment for the first time. |
| Minimum |
$5.15 effective 9-1-97 |
| Overtime |
One and one-half over 40 hours per week |
| |
Year |
|
Wage Base |
Rate |
Maximum |
| Employee/Employer |
2007 |
Social Security |
$97,500 |
6.20% |
$6,045.00 |
|
2007 |
Medicare |
No Limit |
1.45% |
|
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2006 |
Social Security |
$94,200 |
6.20% |
$5,840.40 |
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2006 |
Medicare |
No Limit |
1.45% |
|
| Self-Employed |
2007 |
Social Security |
$97,500 |
12.4% |
$12,099.00 |
|
2007 |
Medicare |
No Limit |
2.9% |
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2006 |
Social Security |
$94,200 |
12.4% |
$11,680.80 |
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2006 |
Medicare |
No Limit |
2.9% |
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| Year |
Wage Base |
Rate |
| 2004 |
$7,000 |
0.8% |
| 2005 |
$7,000 |
0.8% |
| Year |
Age |
Max. Earnings |
| 2007 |
Under full retirement age |
$12,960/annually |
| 2007 |
Year reaching full retirement age |
$34,440/annually |
| 2007 |
After full retirement age |
Unlimited |
| 2006 |
Under full retirement age |
$12,480/annually |
| 2006 |
Year reaching full retirement age |
$33,240/annually |
| 2006 |
After full retirement age |
Unlimited |
| Year |
Time |
Amount |
| 2004 |
12 months @ $66.60 |
$799.20 |
| 2005 |
12 months @ $78.20 |
$938.40 |
| Year |
Business |
Charitable |
Medical/Moving |
| 2004 |
$.375/mile |
$.14/mile |
$.14/mile |
| 2005 |
$.405/mile
$.485/mile effective Sept. 1st |
$.14/mile |
$.15/mile
$.22/mile effective Sept. 1st |
| Year |
Limit Type |
Regular Contribution Amount |
Catch Up Amount |
| 2007 |
Overall contribution limit |
$45,000 |
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| 2006 |
Overall contribution limit |
$44,000 |
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| 2007 |
SEP Limit |
$45,000 |
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| 2006 |
SEP Limit |
$44,000 |
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| 2007 |
401 k limit |
$15,500 |
$5,000 |
| 2006 |
401 k limit |
$15,000 |
$5,000 |
| 2007 |
SIMPLE |
$10,500 |
$2,500 |
| 2006 |
SIMPLE |
$10,000 |
$2,500 |
Disclaimer: We disclaim responsibility for everything that has happened since the Chicago Fire.
Every effort has been made to provide current and correct information in the above tables.
However no warranty is made as to their accuracy or suitability for any purpose.
You should consult with your tax advisor before making any decisions based on the information shown above.
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