Phone: 208.345.2350  |  Address: 960 Broadway Ave., Ste. 415 Boise, ID 83706

2016 Tax Rates & Wage Limits

Keep up to date with the latest information regarding payroll.            
2016 Tax Rates & Wage Limits      
Social Security (2016 Limit = $118,500 )     Simple employee limit:  $       12,500      
  Employee (maximum withholding = $7,347)  6.20%     (age 50 & over catch up)  $        3,000      
  Employer    6.20%                
Medicare (no limit):         401k & SEP employee limit:  $       18,000      
  Employee   1.45%     (age 50 & over catch up)  $        6,000      
  Employer   1.45%                
  For employees with wages over $200,000, employers are required to withhold an additional .9% Medicare tax.      
  There is no employer share of this tax.                    
State Unemployment (limit = $37,200):       Defined Contribution limit:  $      53,000      
  (New Employers use 1.488%)         Defined Benefit limit:  $     210,000      
Federal Unemployment (limit = $7,000): 0.60%     Personal Exemption:  $        4,050      
Minimum Wage:         HSA Contribution limit:        
  Federal   $7.25       Individual    $        3,350      
  Idaho   $7.25       (age 55 & over catch up)  $         1,000      
            Family    $         6,750      
Standard Mileage Rates:                    
  Business    $         0.54     IRA Contribution limit:  $         5,500      
  Charity    $         0.14     (age 50 & over catch up)  $         1,000      
  Medical/Moving    $         0.19                
Deposit Rules for Form 941 Taxes                    
  Monthly: Payroll paid the 1st through the end of the month, deposit taxes by the 15th of the following month.      
  Semi-weekly:  Payroll paid Saturday through Tuesday, deposit taxes by the following Friday.        
  Semi-weekly:  Payroll paid Wednesday through Friday, deposit taxes by the following Wednesday.        
  Exception #1 - If the tax deposit is more than $100,000, deposit by the next day.          
  Exception #2 - If the tax deposit is less than $2,500, it can be submitted with the Form 941.        
Electronic Deposit Requirements:   All employers are required to make federal income and payroll tax payments electronically.  This can be done through Electronic Federal Tax Payment System (EFTPS). Each employer will need to register at to receive your personal identification number (PIN). Once the PIN is received, the registration can be completed and tax payments processed using the EFTPS system.      
Employer-Provided Health Coverage Information Reporting:For employers filing more than 250 Form W-2s, the Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on the employees' Form W-2.  This is information only and does not affect taxable amounts.  Notice 2012-9 has made it optional for employers filing fewer than 250 Form W-2's for the previous year.      
Employer-Provided Health Coverage Information Reporting:For employers with more than 50 full-time equivalent employees, Form 1095-C must be provided to the employee by January 31st and to the IRS by February 28, 2016.  This form provides monthly health insurance coverages information.