Selected Information:

We feel that an informed client is our best client!

Below is a brief listing of some information relevant to Payroll, Mileage and Retirement Plan Funding by Year:

 Michigan Minimum Wage Increase:  1-1-16 $8.50, 1-1-17 $8.90, 1-1-18 $9.25


FEDERAL INSURANCE CONTRIBUTION ACT - FICA            2016                2017 2018
Social Security Wage Base $118,500$127,200 $128,400
Medicare Wage BaseUnlimited Unlimited Unlimited
Social Security Rate - Employer 6.2%6.2% 6.2%
Social Security Rate - Employee       6.2%6.2% 6.2%
Medicare Rate1.45% 1.45%1.45%
Max Social Security Withholding  $7,347.00$7,886.40

 $7,960.80

Max Medicare Withholding UnlimitedUnlimited Unlimited
   
FEDERAL UNEMPLOYMENT TAX ACT - FUTA 2016 2017 2018
Taxable Wage Base Per Employee $7,000.00$7,000.00$7,000.00
Net Tax Rate1.7% 1.7% 1.7%
FUTA Tax Rate6.0% 6.0% 6.0%
STATE UNEMPLOYMENT TAX ACT - SUTA 2016 2017 2018
Michigan's Taxable Wage Base Per Employee $9,500.00$9,500.00 $9,500.00
     
   
MILEAGE RATES-Business/Charitable/Medical/Moving: 2016                    2017 2018
Business Use (per mile)

$.54

$.535

 $.545

Charitable Use (per mile) $.14$.14  $.14 
Medical and Moving Use (per mile)                                     

$.19

$.17

 $.18

 RETIREMENT PLAN - MAX Deferrals/Contributions:    2016                            2017  2018
IRA Traditional/Roth Contribution Limit/Catch up age 50 or over $5,500.00/$1,000.00$5,500.00/$1,000.00

$5,500.00/$1,000.00

Max Elective Deferral Under 401(K), 403(B) and Profit Sharing Plans           $18,000.00$18,000.00

 $18,500.00

Catch-up Contributions for Individuals age 50 or over
for 401(K) and 403(B) and Profit Sharing Plans
$6,000.00$6,000.00

 $6,000.00

Max Pre-tax contribution by employees to SIMPLE
retirement accounts section 408(P)
$12,500.00$12,500.00

 $12.500.00

Catch-up contributions for individuals age 50 or over
for SIMPLE accounts
$3,000.00$3,000.00

 $3,000.00

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