Agency internet web sites:
Federal Wage Effective Dates 7/24/07 7/24/08 7/24/09
Minimum Wage: $5.85 $6.55 $7.25
Tipped Employee Min. Cash Wage: $2.13 $2.13 $2.13
Max. Tip Credit: $3.72 $4.42 $5.12
FICA (Social Security)
Maximum Taxable Earnings: $102,000 (Up from $97,500 in 2007)
EE / ER Deduction: 6.2%
Maximum Deduction: $6,324.00
Self-Employment Tax: 12.4%
FICA (Medicare)
Maximum Taxable Earnings: No Limit
EE / ER Deduction: 1.45%
Maximum Deduction: No Limit
Self-Employment Tax: 2.9%
FUTA (Employer-Paid)
Maximum Taxable Earnings: $7,000
Percent of Taxable Wages: 6.2%
Maximum Credit: 5.4%
Normal Net Tax: 0.8%
Wisconsin '08 Facts
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Dept. of Revenue: www.dor.state.wi.us
Minimum Wage: $6.50 $6.55 (Federal Increase)
Minimum Cash Wage (Tipped Employee) : $2.33
Maximum Tip Credit: $4.17
Wisconsin State Income Tax
Wage Withholding: Table
Supplemental Wage/Bonus Rate: 4.6%, 6.15%, 6.5%, or 6.75%
Wisconsin Unemployment Insurance
Maximum 2008 Taxable Earnings: $10,500
Employer Tax Rates for 2008:
Employers with payrolls less than $500,000
Construction Industry 6.6%
All Others 3.25%
Employers with payrolls greater than $500,000
Construction Industry 6.6%
All Others 3.4%
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Wisconsin wage Effective Date 6/1/2006 7/24/2008
