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Tax Rates
The following charts contain tax rates and the taxable wage basis for employers and employees.
Social Security Tax (FICA): |
|||
| Medicare | Soc. Sec. | Total | |
| Tax rate for employer | 1.45% | 6.2% | 7.65% |
| Tax rate for employee | 1.45% | 6.2% | 7.65% |
Medicare contributions are assessed on all wages without a limit. Social Security taxes are assessed on wages up to a dollar limit which is adjusted each year. Refer to IRS Publication 15 (Circular E) for the current year wage base.
Federal Unemployment Tax (employer only): |
|
| Gross federal tax rate | 6.2% |
| Less credit for Illinois Ul (If timely payment is made) | 5.4% |
| Net federal tax rate | .8% |
| On Wages not to exceed | $7,000.00 |
| Maximum employer contribution (per employee) | $56.00 |
Tax Deposit Requirements
Federal Unemployment Taxes
Supplemental Wages
Fringe Benefits
Other Tax Requirements
Employee v. Independent Contractor