Federal Tax Facts

Federal Minimum Wage

Minimum Wage

$7.25

Minimum Cash Wage(Tipped Employee)

$2.13

Maximum Tip Credit

$5.12

Youth Minimum Wage

$4.25

FICA (Medicare)

Maximum Taxable Earnings

No Limit

Employee / Employer Tax Rate (Unchanged from 2019)

1.45%

Additional Medicare Tax Withholding on Wages > $200,000(No Employer Match)

0.90%

FICA (Social Security)

Maximum Taxable Earnings (Increased from $142,800 in 2021

$147,000

Employee / Employer Tax Rate(Unchanged from 2021)

6.20%

FUTA (Employer-Paid)

Maximum Taxable Earnings

$7,000

Percent of Taxable Wages

6.00%

Maximum Credit

5.40%

Normal Net Tax

0.060%

Health Savings Accounts

Self-Only Contribution Limit (Employee / Employer)(Increased from $3,600 in 2021)

$3,650

Family Contribution Limit (Employee / Employer)(Increased from $7,200 in 2021)

$7,300

Catch-up Contribution Limit (Employee / Employer)(Unchanged from 2021)

$1,000

Pension Plans

Contribution Limit – 401(k) & 403(b) plans(Increased from $19,500 in 2021)

$20,500

Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Unchanged from 2021)

$6,500