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J. RUSSELL JEFFERSON, CPA

 
 
2010 WAGE TAX RATE ADVISORY
 
                                FEDERAL WITHHOLDING
  
   Always use current Circular E (Revised January 2010)
 
          OASDI (Old Age, Survivors and Disability Insurance)
Maximum earnings - $106,800.00
                       (Same as $106,800 in 2009)
 
Employee & Employer Percentage – 6.2%
                         (Same as 2009)
 
Maximum Deduction - $6,621.60
                         (Up from $6,324.00 in 2008)
 
                                             MEDICARE
Maximum earnings – UNLIMITED
                         (Same as 2009)
 
Employee & Employer Percentage – 1.45%
                       (Same as 2009)
 
Maximum Deduction – UNLIMITED
                       (Same as 2009)
 
                                NEW JERSEY SUI/DI/WFD/FLI
Maximum earnings - $29,700.00
            (Up from $28,900.00 in 2009)
 
Employee Percentage – 1.045%
                       (Up fro 1.015% in 2009)
 
Maximum Deduction - $301.37
                        (Up from $293.34 in 2009)
 
Base Weeks 13 – Base Amount - $145.00
             
                              ADDITIONAL INFORMATION
 
     Maximum employee contribution in a 401(k) is
     $16,500 for 2010.   If over age 50 there is a catch-
     up provision that allows $5,000 in contributions