PAYROLL TAXES FOR 2007
FEDERAL SOCIAL SECURITY
The Social Security taxable wage base will (rise) from $97,500 in 2007. The FICA tax rate for
employers (and employees) in 2007 will be as follows:
SOCIAL SECURITY
MEDICARE
TOTAL
RATE
6.20%
1.45%
7.65%
MAXIMUM
WAGE BASE
$97,500
No Limit
(Thus, those earning at least $97,500 will pay a combined social security tax
and Medicare tax of $7,458.)
UNEMPLOYMENT INSURANCE
STATE:
The 2007 Nevada taxable wage base will be $24,600, which is based on 66 2/3% of
the average annual wage in covered employment for the preceding calendar year
rounded to the nearest $100. The tax rate schedule prescribes rates ranging from
.25% to 5.4%. Employers will continue to be assigned a contribution rate based on
their individual experience rating and will be notified of their 2007 rates in
December.
FEDERAL:
The federal taxable wage base will continue to be $7,000. If you are entitled to the
maximum 5.4% credit, the FUTA tax rate after the credit will be 0.8% for 2007.
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