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2007 Federal Specific |
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Effective July 24, 2007, the federal minimum wage was increased from $5.15 per hour to $5.85 per hour.
Publication 15 – Circular E, Employer’s Tax Guide:
http://www.irs.gov/pub/irs-pdf/p15.pdf.
Publication 15-A – Employer’s Supplemental Tax Guide:
http://www.irs.gov/pub/irs-pdf/p15a.pdf.
Publication 15-B – Employer’s Tax Guide to Fringe Benefits:
http://www.irs.gov/pub/irs-pdf/p15b.pdf.
2007 Form W-4 Employees’ Withholding Exemption Certificate:
http://www.irs.gov/pub/irs-pdf/fw4.pdf.
2007 Form W-5 Earned Income Credit Advance Payment Certificate:
http://www.irs.gov/pub/irs-pdf/fw5.pdf.
Form W-5 2007 Earned Income Credit Advance Payment Certificate
Use this form if you are eligible to get part of the EIC in advance with your pay and choose to do so. You are able to receive up to $1,712 throughout 2007 with your pay if you qualify. The rest of the EIC will be given to you when you file your return and claim the EIC.
Please link to the IRS Web site:http://www.irs.gov/pub/irs-pdf/fw5.pdf.
2007 Social Security Limits
The Social Security Administration (SSA) announced that the 2007 social security wage base will be $97,500, with a tax of $6,045.00. Beginning January 1, 2007, employers should withhold 6.2% in Social Security taxes from employees' wages up to $97,500 and withhold the Medicare tax (1.45%) on all wages. Employers are required to match the tax payments withheld from employees' wages.
For more information, please link to the Social Security Administration:http://www.ssa.gov.
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