Federal

Fast Wage and Tax Facts

For the most current information and additional states, visit us at: www.ADP.com/Fast

Federal Tax Facts

Minimum Wage

Effective 7/24/09

  • Minimum Wage
    $7.25
  • Minimum Cash Wage (Tipped Employee)
    $2.13
  • Maximum Tip Credit
    $5.12
  • Youth Minimum Wage
    $4.25

FICA (Medicare)

  • Maximum Taxable Earnings
    No Limit
  • Employee / Employer Tax Rate (Unchanged from 2023)
    1.45%
  • Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)
    0.90%

FICA (Social Security)

  • Maximum Taxable Earnings (Increased from $160,200 in 2023)
    $168,600
  • Employee / Employer Tax Rate (Unchanged from 2023)
    6.20%

FUTA (Employer-Paid)

  • Maximum Taxable Earnings
    $7,000
  • Percent of Taxable Wages
    6.00%
  • Maximum Credit
    5.40%
  • Normal Net Tax
    0.60%

Supplemental Wage / Bonus Rates

  • Flat Rate Withholding Method (Unchanged from 2023)
    22%
  • Pay over $1 Million (Unchanged from 2023)
    37%

Health Savings Accounts

  • Self-Only Contribution Limit (Employee / Employer)(Increased from $3,850 in 2023)
    $4,150
  • Family Contribution Limit (Employee / Employer)(Increased from $7,750 in 2023)
    $8,300
  • Catch-up Contribution Limit (Employee / Employer)(Unchanged from 2023)
    $1,000

Pension Plans

  • Contribution Limit - 401(k) & 403(b) plans (Increased from $22,500 in 2023)
    $23,000
  • Catch-up Contribution Limit - 401(k) & 403(b) plans (age 50 or older) (Unchanged from $7,500 in 2023)
    $7,500

Texas State Tax Facts

Texas Minimum Wage - Minimum Wage

Effective 7/24/09

  • Minimum Wage
    $7.25
  • Minimum Cash Wage (Tipped Employee)
    $2.13
  • Maximum Tip Credit
    $5.12
  • Youth Minimum Wage
    $4.25

Texas State Income Tax

  • Wage Withholding
    None
  • Supplemental Wage / Bonus Rate
    None

Texas Unemployment Insurance

  • Maximum 2024 Taxable Earnings (Unchanged from 2023)
    $9,000
  • Employee 2024 Deduction
    None
  • Employer 2024 Tax Rates (Plus Replenishment Tax Rate 0.15%)
    0.25 - 6.25%
  • Standard 2024 New Employer Rate
    2.7% or NAICS Industry Average, whichever is higher
  • Voluntary Contribution Permitted
    Yes

Local Income Taxes Imposed: No

FAST WAGE AND TAX FACTS is distributed with the understanding that the publisher is not rendering legal, accounting, tax or other professional services. If legal advice or other assistance is required, an attorney, CPA or tax adviser should be consulted. Minimum wage rates may vary by industry and may be superseded by Federal minimum wage rules. Contact the proper agency to verify.

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