Selected Information:
We feel that an informed client is our best client.
Please click the following link to see new requirements for mandatory paid sick leave according to Michigan's new Paid Medical Lease Act:
Mandatory Paid Sick Leave Link
Below is a brief listing of some information relevant to Payroll, Mileage and Retirement Plan Funding by Year:
Michigan Minimum Wage Increase: 4-1-19 $9.45, 1-1-20 $9.65, 1-1-21, 1-1-22 $9.87, 1-1-23 $10.10, 1-1-24 $10.33
| FEDERAL INSURANCE CONTRIBUTION ACT - FICA | 2023 | 2024 | 2025 |
| Social Security Wage Base | $160,200 | $168,600 | $176,100 |
| Medicare Wage Base | Unlimited | Unlimited | Unlimited |
| Social Security Rate - Employer | 6.2% | 6.2% | 6.2% |
| Social Security Rate - Employee | 6.2% | 6.2% | 6.2% |
| Medicare Rate | 1.45% | 1.45% | 1.45% |
| Max Social Security Withholding | $9,932.40 | $10,453.20 | $10,918.20 |
| Max Medicare Withholding | Unlimited | Unlimited | Unlimited |
| FEDERAL UNEMPLOYMENT TAX ACT - FUTA | 2023 | 2024 | 2025 |
| Taxable Wage Base Per Employee | $7,000.00 | $7,000.00 | $7,000.00 |
| Net Tax Rate | 0.6% | 0.6% | 0.6% |
| FUTA Tax Rate | 6.0% | 6.0% | 6.0% |
| STATE UNEMPLOYMENT TAX ACT - SUTA | 2023 | 2024 | 2025 |
| Michigan's Taxable Wage Base Per Employee | $9,500.00 | $9,500.00 | $9,000.00 |
| MILEAGE RATES-Business/Charitable/Medical/Moving: | 2023 | 2024 | 2025 |
| Business Use (per mile) | $.655 | $.67 | $.70 |
| Charitable Use (per mile) | $.14 | $.14 | $.14 |
| Medical and Moving Use (per mile) | $.22 | $.21 | $.21 |
| RETIREMENT PLAN - MAX Deferrals/Contributions: | 2023 | 2024 | 2025 |
| IRA Traditional & Roth Contribution Limit/Catch up age 50 or over | $6,500.00/$1,000.00 | $7,000.00/$1,000.00 | $7,000/$1,000.00 |
| Max Elective Deferral Under 401(K), 403(B) and Profit Sharing Plans | $22,500.00 | $23,000.00 | $23,500.00 |
Catch-up Contributions for Individuals age 50 or over
for 401(K), 403(B), and Profit Sharing Plans | $7,500.00 | $7,500.00 | $7,500.00 |
"Super Catch-up" Contributions for Individuals age 60-63
for 401(K), 403(B), and Profit Sharing Plans (Secure ACT 2.0) | N/A | N/A | $11,250.00 |
| Max Pre-tax contribution by employees to SIMPLE
retirement accounts (25 or fewer employees) (Secure ACT 2.0) | N/A | N/A | $17,600.00 |
| Catch-up contributions for individuals age 50 or over
for SIMPLE accounts (25 or fewer employees) (Secure ACT 2.0) | N/A | N/A | $3,850.00 |
"Super Catch-up" contributions for individuals age 60-63
for SIMPLE accounts (ALL EMPLOYERS) (Secure ACT 2.0) | N/A | N/A | $5,250.00 |
Max Pre-tax contribution by employees to SIMPLE
retirement accounts section 408(P) (MORE than 25 employees) | $15,500.00 | $16,000.00 | $16,500.00 |
Catch-up contributions for individuals age 50 or over
for SIMPLE accounts (MORE than 25 employees) | $3,500.00 | $3,500.00 | $3,500.00 |