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Social Security (old age, survivors and disability insurance):

  • 6.2% on $118,500 for 2015 (employee & employer)
  • 12.4% on $118,500 for 2015 (self employed)

Medicare basic hospital insurance:

  • 1.45% on all wages (employee & employer)
  • Additional .9% Medicare tax on wages in excess of $200,000 (employee only)
  • 2.9% on net earnings (self employed)

401(k) limit:

  • $18,000 for 2015; $6,000 in additional catch-up contributions can be made for those 50 or older

Minimum Wage:

  • $7.25 per hour effective 7/24/2009