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2001 Payroll Tax Deduction Information

FIT - Use charts in the 2001 Federal Circular E "Employer's Tax Guide"
 

FICA - Social Security

- Employee Deduction: 6.2%, maximum wages $80,400, maximum tax withheld $4,984.80

- Employer Portion: 6.2%, maximum wages $80,400, maximum tax paid $4,984.80.
 

FICA - Medicare

- Employee deduction: 1.45% on all wages, no ceiling amount.

- Employer portion: 1.45% on all wages, no ceiling amount.
 

FUTA - .008 maximum wages $7,000.00; maximum tax $56.00.