FEDERAL
Agency websites:
• Internal Revenue Service: www.irs.gov
• Social Security Administration: www.ssa.gov
• U.S. Dept. of Labor: www.dol.gov
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Effective
7/24/08 |
Effective
7/24/09 |
|
Minimum Wage |
$6.55 |
$7.25 |
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Minimum Cash Wage
(Tipped Employee)
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$2.13
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$2.13
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Maximum Tip Credit |
$4.42 |
$5.12 |
Youth Sub-
Minimum Wage |
$4.25 |
$4.25 |
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NEW JERSEY
Agency websites:
• Division of Taxation: www.state.nj.us/treasury/taxation/
• Dept. of Labor: http://lwd.dol.state.nj.us/labor/
Eff 10/1/06 Eff 7/24/09
Minimum Wage $7.15 $7.25
Minimum Cash Wage $2.13 $2.13
(Tipped Employee) ("Suggested" by State)
Maximum Tip Credit $5.02 $5.12
State Income Tax
Wage Withholding: Table
Supplemental Wage/ Bonus Rate:
No provision, but for pay over
$500,000 withhold at 9.9%
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FICA (Social Security
|
Maximum Taxable Earnings: |
$110,100 |
|
(Increased from $106,800 in 2011) |
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ER Tax Rate: |
6.2% |
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(Unchanged from 2011) |
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EE Tax Rate: |
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Eff. 01/01/12 – 02/29/12 |
4.2% |
Eff. 03/01/12 and thereafter
(EE Tax Rate was 4.2% in 2011) |
6.2% |
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Self-Employment Tax Rate: |
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Eff. 01/01/12 – 02/29/12 |
10.4% |
Eff. 03/01/12 and thereafter
(Self-Employment tax was 10.4% in 2011) |
12.4% |
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Unemployment Insurance
Maximum 2012 Taxable Earnings:
(Increased from $29,600 in 2011) |
$30,300 |
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Employee 2012 Deduction Rate: |
0.505% |
|
• Workforce Development /Supplemental Workforce |
0.0425% |
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• UI Fund |
0.3825% |
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• Family Leave Insurance |
0.0800% |
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Max. 2012 Employee Deduction: |
$153.02 |
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Employer FY12 Tax Rates: |
0.6 - 6.4% |
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Standard FY12 New Employer Rate: |
3.1% |
(UI=2.9825% + WF/SWF=.1175%) |
FICA (Medicare)
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Maximum Taxable Earnings: |
No Limit |
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EE / ER Tax Rate: |
1.45% |
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Maximum Tax: |
No Limit |
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Self-Employment Tax: |
2.9% |
FUTA (Employer-paid)
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Maximum Taxable Earnings: |
$7,000 |
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Percent of Taxable Wages: |
6.0% |
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Maximum Credit: |
5.4% |
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Normal Net Tax: |
0.6% |
Supplemental Wage/Bonus Rate
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Flat rate withholding method: |
25% |
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Pay over $1 Million: |
35% |
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Voluntary Contribution Permitted: Yes
Disability Insurance
|
Maximum 2012 Taxable Earnings: |
$30,300 |
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Employee 2012 Deduction Rate: |
0.2% |
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Max. 2012 Employee Deduction: |
$60.60 |
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New Employer 2012 Rate: |
0.5% |
(Rates for all other employers determined by claims experience)
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FAST WAGE & TAX FACTS is distributed with the understanding that the publisher is not rendering legal, accounting or other professional services. If legal advice or other assistance is required, an attorney or accountant should be consulted. Minimum wage rates may vary by industry. State minimum wage rates may be superseded by Federal.
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