It’s that time of the year again! In this post we share the 2015 payroll tax changes (as of December 18, 2014). We would also like to invite you to check out our 2015 Payroll Mate software (for processing 2015 payroll) and our W2 Mate 2014 software (for 2014 year-end W2 and 1099 compliance) .
If you have any feedback about this list, please email info@realtaxtools.com .
Federal:
Social security, the 2015 tax rate is 6.2% each for the employee and employer. The 2015 social security wage base limit is $118,500.
The 2015 Medicare tax rate is 1.45% each for the employee and employer. There is no wage base limit for Medicare tax. In addition to withholding Medicare tax at 1.45%, you must withhold a 0.9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year.
The 2015 Federal Unemployment Tax Act (FUTA) wage base is $7,000 per employee.
The 2015 Federal Withholding Allowance is $ 4,000.00.
The 2015 Federal income tax rates are 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
The 2015 federal brackets for SINGLE filers are $2300, $11525, $39750, $93050, $191600, $413800 and $415500.
The 2015 federal brackets for MARRIED filers are $8600, $27050, $83500, $159800, $239050, $420100 and $473450.
2015 States unemployment wage base:
Alabama [$8000], Alaska [$38,700], Arizona [$7,000], Arkansas [$12,000], California [$7,000], Colorado [$11,800], Connecticut [$15,000], Delaware [$18,500], District of Columbia [$9,000], Florida [$7,000], Georgia [$9,500], Hawaii [$40,900], Idaho [$36,000], Illinois [$12,960], Indiana [$9,500], Iowa [$27,300], Kansas [$12,000], Kentucky [$9,900], Louisiana [$7,700], Maine [$12,000], Maryland [$8,500], Massachusetts [$15,000], Michigan [$9,500], Minnesota [$30,000], Mississippi [$14,000], Missouri [$13,000], Montana [$29,500], Nebraska [$9,000], Nevada [$27,800], New Hampshire [$14,000], New Jersey [$32,000], New Mexico [$23,400], New York [$10,500], North Carolina [$21,700], North Dakota [$35,600], Ohio [$9,000], Oklahoma [$17,000], Oregon [$35,700], Pennsylvania [$9,000], Puerto Rico [$7,000], Rhode Island [$21200], South Carolina [$14,000], South Dakota [$15,000], Tennessee [$9,000], Texas [$9,000], Utah [$31,300], Vermont [$16,400], Virgin Islands [$22,900], Virginia [$8,000], Washington [$42,100], West Virginia [$12,000], Wisconsin [$14,000] and Wyoming [$24,700] .
Final 2014 (yes 2014 not 2015) credit reduction rates
California 1.2%, Connecticut 1.7%, Indiana 1.5%, Kentucky 1.2%, New York 1.2%, North Carolina 1.2%, Ohio 1.2% and Virgin Islands 1.2%
States with new income tax withholding tables for 2015:
Arkansas, California , Colorado , Connecticut, Washington DC, Idaho, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, New Mexico, New York, North Dakota, Oklahoma, Oregon, Rhode Island and Vermont .
IRS 2015 mileage rates
The 2015 standard mileage rates for the use of a car, van, pickup or panel truck will be 57.5 cents per mile for business miles driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.
2015 State minimum wage changes
Alaska [$8.75], Arizona [$8.05], Arkansas [$7.50], Colorado [$8.23], Connecticut [$9.15], Florida [$8.05], Hawaii [$7.75], Maryland [$8.00], Massachusetts [$9.00], Missouri [$7.65], Montana [$8.05], Nebraska [$8.00], New Jersey [$8.38], Ohio [$8.10], Oregon [$9.25], Rhode Island [$9.00], South Dakota [$8.50], Vermont [$9.15 and Washington [$9.47] .