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Federal Payroll Compliance Highlights for 2017.

The current federal minimum wage is $7.25 per hour, however some states have a higher minimum wage rate. When the state minimum wage rate is higher than the federal rate, workers are paid the higher amount. Minimum Cash Wage (Tipped Employee) $ 2.13, Maximum TIp Credit $5.12 and Youth Minium Wage: $4.25.

Supplemental Wage / Bonus Rates: 25% (Unchanged from 2016)

Pay over $1 Million: 39.6% (Unchanged from 2016)

Social Security (OASDI) Program Rates & Limits 2017
Tax Rates (percent)  
Social Security (Old-Age, Survivors, and Disability Insurance)
Employers and Employees, each a 6.20
Medicare (Hospital Insurance)  
Employers and Employees, each a 1.45
Maximum Taxable Earnings (dollars)  
Social Security 127,200
Medicare (Hospital Insurance)  No limit
Earnings Required for Work Credits (dollars)  
One Work Credit (One Quarter of Coverage)  1,,300
Maximum Taxable Earnings (dollars)  5,200
   
Earnings Test Annual Exempt Amount (dollars)  
Under full Retirement Age for Entire Year 16,920
For Months Before Reaching Full Retirment Age in Given Year  44,880
Beginning with Month Reaching Full Retirment Age No limit
   
Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars)  2,687
Full Retirement Age 66
Cost-of -Living Adjustment (percent)  0.3
b. This rate does not reflect the additional 0.9 percent in Medicare taxes certain high-income taxpayers are required to pay. See IRS information on this topic.
 
Source: Social Security Administration (Quickfacts)  

 

Supplemental Security Income (SSI) Rates & Limits 2017
Monthly Federal Payment Standard (dollars)  
Individual 735
Couple 1,1103
   
Resource Limits (dollars)  
Individual 2,000
Couple 3,000
Earnings Required for Work Credits (dollars)  
Monthly Income Exclusions (dollars)  
Earned Income  65
Unearned Income 20
   
Substantial Gainful Activity Level for the Nonblind Disables (dollars) Retirement Age for Entire Year 1,170
   
a. The earned Income exclusion consists of the first $65 of monthly earnings, plus one-half remaining eanings.  
 
Source: Social Security Administration (Quickfacts)  

 

 

 

 

 

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