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» Resources » Payroll CostsGuide to Payroll Costs for Employers
Costs for 2012
Social Security: 6.2% up to $110,100 wages/salary
Medicare: 1.45% on total wages/salary
Federal Unemployment Tax (FUTA): 0.6% up to $7,000 wages/salary
Federal Income Tax Payroll Withholding
State Income Tax Withholding
Unemployment Insurance (UI) contributions and administrative fund taxes range from: 1.00% - 6.30% of $27,000 wages/salary. For more information on UI contribution rates: http://uid.dli.mt.gov/tax/2012rateinsert1.pdf.
| Tax Rate | Wage Base | |
|---|---|---|
| Soc. Sec. | 6.20% | $110,100 |
| Medicare | 1.45% | No Limit |
| FUTA | 0.6% - 6.2% | $7,000 |
| UI | 1.00% - 6.30% | $27,000 |
Workers' Compensation (WC): Employers are required to have Workers' Compensation coverage for employees. Insurance companies base their rates on the type of industry and the employers' loss experience.
