Payroll taxes include Social Security and Medicare taxes (FICA withholding), Federal income tax withholding, Federal Unemployment taxes (FUTA), as well as State income tax withholding, State Unemployment tax (SUTA), and possibly State Disability withholding (SDI) and city/local withholding taxes.
For 2017, the Social Security percentage remains at 6.2% for both employer and employee, with the wage limit at $127,200.00. The Medicare percentage remains at 1.45% with no taxable wage limit.
NOTE: For employees with $200,000 or more in FICA taxable wages the employee's Medicare percentage increases to 2.35% (No employer match on the additional 0.9%)
The current Federal Unemployment Tax rate is 6%, but credits for contributions to state funds (up to 5.4%) make the effective rate 0.6% (on a wage base of $7,000.00).
At present the minimum wage is $7.25 per hour.
The status and number of allowances claimed on a W4 doesn't change the actual tax liability of the employee, just the amount withheld from each paycheck -- the more allowances, the less is withheld. If the employee claims too many allowances, he or she will owe money at the end of the year. Also, the employer does not have to submit the W-4 information to IRS unless an employee claims 10 or more allowances -- then that employee's W-4 should be sent to the IRS along with the next quarterly 941 form.
The maximum total "pretax" contribution for 2017 is $18,000. Plus, if you are age 50 or over you may be eligible to make an additional "catch-up" contribution of $6,000 (if permitted under your 401(k) plan).
The SUI taxable wage maximum for 2017 is $17,700.