2021 Updated Payroll Tax Facts

Dec 15, 2020 | Blog, Payroll Issues

below are updated tax facts for 2021 to reference for planning your year.

 

Employee Taxes

Tax Type Percentage Wage Base Max Tax
OASDI 6.20% $142,800 $8,853.60
Medicare 1.45% Unlimited Unlimited
Federal W/H Based on W-4 Subject to wages Unlimited
NYS State W/H Based on IT-2104 Subject to wages Unlimited
NYS DBL-Optional 0.50% $120.00/week $0.60/week
NY Paid Family Leave
(NY PFL)
0.511% $75,408.84 $385.34 annually
Additional Medicare Tax effective 2013 0.9% on wages in excess of $200,000 in a calendar year

Employer Taxes

Tax Type Percentage Wage Base Max Tax
OASDI 6.20% $142,800.00 $8,853.60
Medicare 1.45% Unlimited Unlimited
FUI Net Rate 0.60% (as of 7/1/11) $7,000.00 $42.00
NYS SUI Lowest Rate 0.6% $11,400.00 Based on rate
NYS SUI Highest Rate 7.9% $11,400.00 Based on rate
NYS New Employer SUI Rate 3.2% $11,400.00 Based on rate

*Note: Updated SUI information is released annually in March.

Plan Type Regular Catch-up Annual Compensation Limit
401K Limit $19,500.00 $6,500.00 $280,000.00
Simple Limit $13,500.00 $3,000.00 $280,000.00 

HSA Information

HSA Single Contribution Limit (Under 55 years old): $3,600.00
HSA Family Contribution Limit (Under 55 years old): $7,200.00
HSA Catch-up Contributions: $1,000,00 ($2,000 if spouses are 55 or older)
High Deductible Health Plan Annual Deductible Minimum: $1,400.00 ($2,800.00 for famil

FSA/Dependent Care Information

Federal Mandated Medical FSA Limit: $2,750.00
Federal Dependent Care Limit: $5,000.00

OTHER

Mileage Rate: 57.5 cents per mile effective 1/1/2020
Supplemental Tax Rates: 22% Federal and 9.62% New York State
Minimum Wage: $12.50 per hour effective 12/31/2020 (varies by location)
Minimum Wage for Tipped Employees: $8.35 per hour effective 12/31/2020
Executive & Administration Exemption Minimum Weekly Salary: $937.00 effective 12/31/2020