2008 Wage and Salary Report

For more information on the 2008 wage and salary information visit the links below.

• Federal wage and salary information
• Kentucky wage and salary information
• Indiana wage and salary information
• Tips
• Training

Federal wage and salary information

Federal	source
Internal Revenue Service	www.irs.gov
Social Security Administration	www.ssa.gov
U.S. Dept. of Labor	www.dol.gov
Minimum Wage	$5.85
Minimum Cash Wage (Tipped Employee)	$2.13
Maximum Tip Credit	$3.72
(after 7/24/08)	$4.42
Minimum Wage 7/24/08	$6.55
Sub Youth Min. Wage	$4.25
FICA (Social Security)	source
Maximum Taxable Wages	$102,000
Tax Rate	6.2%
Maximum Tax Amount	$6,324
Self-Employment Tax	12.4%
FICA (Medicare)	source
Maximum Taxable Wages	No Limit
Tax Rate	1.45%
Maximum Tax Amount	No Limit
Self-Employment Tax	2.9%
FUTA (Employer-Paid)	source
Maximum Taxable Wages	$7000
Percent of Taxable Wages	6.2%
Maximum Credit	5.4%
Normal Net Tax	0.8%
Supplemental Wage/Bonus Rate
25% - flat rate withholding method
35% - over $1,000,000
IRS DEFINITION OF Highly Compensated Employee
$105,000

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Kentucky wage and salary information

Kentucky	source
Revenue Cabinet	www.revenue.ky.gov
Dept. Employment Svcs	www.des.ky.gov
Dept. of Labor	www.labor.ky.gov
Minimum Wage	$5.85
(after 7/1/08)	$6.55
Minimum Cash Wage (Tipped Employee)	$2.13
Maximum Tip Credit	$3.72
(after 7/1/08)	$4.42
State Income Tax	source
Wage Withholding	Table
Supplemental Wage/Bonus Rate	No Provision
Unemployment Insurance	source
Maximum Taxable Earnings	$8000
Employee Deduction	None
Standard New Employer Rate	0.5-9.5%
Voluntary Contribution Permitted	Yes
Disability Insurance	source
Employee Deduction	None

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Indiana wage and salary information

Indiana	source
Dept. of Revenue	www.in.gov/dor/
Dept. of Workforce Dev.	www.dwd.state.in.us
Dept. of Labor	www.in.gov/labor
Minimum Wage	$5.85
(after 7/24/08)	$6.55
Minimum Cash Wage (Tipped Employee)	$2.13
Maximum Tip Credit	$3.72
(after 7/24/08)	$4.42
State Income Tax	source
Wage Withholding	Table
Supplemental Wage/Bonus Rate	3.4%
Unemployment Insurance	source
Maximum Taxable Earnings	$7000
Employee Deduction	None
Standard New Employer Rate	1.1-5.6%
Voluntary Contribution Permitted	Yes
Disability Insurance	source
Employee Deduction	None

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Tips

Verify all manual/void checks are input prior to the final payroll process of each quarter.

Verify employee Name, Address and SSN changes are input prior to final payroll process of the year.

Make sure to forward all notifications you receive from tax agencies related to unemployment rate changes, payroll tax filing frequency or filing requirement changes to the tax department within 5 days of receipt.

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Training

Payroll Software Training - Every Tuesday and Wednesday

1:30 pm on the Last Friday of Every Month – Report Writer Training
(Subject to Change – Based on Requirements)

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