2012 Key Tax Facts and Rates

Key Tax Facts

2012 - FEDERAL TAXES - 2012
Type Of
Tax
Taxable
Wage Base
Employer
Tax Rate
Employee
Tax Rate
Maximum
Employer Tax
Maximum
Employee Tax
Social Security $110,100 6.20% 4.20% $6,826.20 $4,624.20
Medicare NO LIMIT 1.45% 1.45% NO LIMIT NO LIMIT
FUTA(plus surcharge) $7,000 0.60% N/A $42 N/A

 

STATE UNEMPLOYMENT TAXES
State Taxable Wage
Base
Employee Tax
Rate
Comments
       
 NJ $30,300 0.08% Employee taxed on first $30,300 of wages including tips, sick pay and taxable fringe benefits, for NJ Family Leave Tax
NJ $30,300 0.625% Employer pays tax on first $30,300 with rate assigned by state.

Visit Payroll-Taxes.com for more details and more states' information.

401k Plan Limits for Plan Year   2013 2012 2009 - 2011
2008 2007 2006
401k Elective Deferrals   $17,500 $17,000 $16,500 $15,500 $15,500 $15,000
Annual Defined Contribution Limit   $51,000 $50,000 $49,000 $46,000 $45,000 $44,000
Annual Compensation Limit   $255,000 $250,000 $245,000 $230,000 $225,000 $220,000
Catch-Up Contribution Limit   $5,500 $5,500 $5,500 $5,000 $5,000 $5,000
Highly Compensated Employees   $115,000 $115,000 $110,000 $105,000 $100,000 $100,000
 
Non 401k Related Limits      
403(b)/457 Elective Deferrals   $17,500 $17,000 $16,500 $15,500 $15,500 $15,000
SIMPLE Employee Deferrals   $12,000 $11,500 $11,500 $10,500 $10,500 $10,000
SIMPLE Catch-Up Deferral   $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
SEP Minimum Compensation   $550 $550 $550 $500 $5000 $450
SEP Annual Compensation Limit   $255,000 $250,000 $245,000 $230,000 $225,000 $220,000
Social Security Wage Base   $113,700 $110,100 106,800 $102,000 $97,500 $94,200
Have more questions? Submit a request

2 Comments

  • 0
    Avatar
    Jonathan

    This is one of the few places you will see a link to "the other" payroll company that will remain nameless.  I'll quote our CEO, "We love ADP, we love Paychex, we love Ceridian.  They bring us more business than any other source, from unhappy and unsatisfied customers."

    They also invest billions into stuff like this, so we'll use it. 

    Here's a link to individual states' "Fast Wage / Tax Facts".  Pardon the unfortunate logo, but use it as a source of information only.  :-)

    http://www.adp.com/tools-and-resources/compliance-connection/state-taxes/2011-fast-wage-and-tax-facts.aspx

    Some of you will notice that when you click on the links it brings up a weird named document.  Open this up in Adobe, or rename to .pdf and it should work fine.

  • 0
    Avatar
    Michael Lynch

    Updated by Michael on 3/2/12

Please sign in to leave a comment.