TAX FACTS 2017

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Federal Rates and Limits

FICA

Social Security (OASDI) Wage Base $127,200

Medicare (HI) Wage Base No Limit

Social Security (OASDI) Percentage 6.2%

Medicare (HI) Percentage 1.45% (2.35% for individuals

earning over $200,000)

Maximum Employee Social Security (OASDI) Withholding $7,886.40

Maximum Medicare (HI) Withholding No Limit

Maximum Amount of Earnings to Still Receive Full Benefits

Under Full Retirement Age

$16,920

Amount of AGI Causing SS Benefits to be Taxable (85%)

Married/Filing Jointly $44,000

Single $34,000

Retirement Contributions

Maximum Elective Deferral to 401(k) and 403(b) $18,000

Maximum Elective Deferral to SIMPLE IRA Plans $12,500

Maximum Annual Contribution to Defined Contribution Plans Lessor of 100% of

compensation or $54,000

Maximum Annual Contribution to Keogh or SEP-IRA $54,000

Maximum Annual Compensation Taken into Account for Contributions $270,000

Threshold Amount for Definition of Highly Compensated Employees $120,000

Threshold Amount for Definition of Key Employee in Top-Heavy Plans $175,000

Catch Up Contribution Limits (Individuals at least age 50 by EOY)

401(k) Plans $6,000

SIMPLE Plans $3,000

Federal Minimum Wage

$7.25

FLSA employers are required to follow federal minimum wage

rules when the state minimum wage is less than the federal

minimum wage.

Mileage Rates

Business 53.5¢ / mile

Medical 17¢ / mile

Moving 17¢ / mile

Charitable 14¢ / mile

Compliments of:

BMK,BBA ACCOUNTING &

TAX SERVICES and Paychex.

Payroll - HR - Employee Benefits

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Get the latest Tax Facts info here:

State Rates and Limits

State State Supplemental

Withholding Rate

State Unemployment

Taxable Wage Base

Limit

State Unemployment Rate

Range for Employers

(Rates include applicable agency

surcharges. Reimbursable and exempt

employers not included)

State Unemployment New

Employer Rate

Rates do not include surcharges unless noted

State Hourly

Minimum Wage

State Minimum

Wage for Tipped

Employees

Michigan 4.25% $9,000 for

Non-Delinquent

Employers $9,500

for Delinquent

Employers

0.78% - 12.93% 2.7% New Employer, 7.3% New

Construction

$8.90*** $3.38***