QUICK PAYROLL FACTS - UTAH

Utah Minimum Wage

The Utah minimum wage remains at $5.15.

Standard Mileage Rate

The mileage rate decreased from 36.5 cents in 2002 to 36 cents in 2003.

Social Security and Medicare

These taxes are withheld from both the employee (7.65%) and the employer (7.65%).

Social Security Medicare

Rate: 6.2% 1.45%

Wage Base: $87,000.00 Unlimited

Maximum Tax: $ 5,394.00 Unlimited

The wage base for Social Security in 2002 was $84,900. This results in an increase for 2003 of $2,100. The maximum withholding in 2002 was $5,263.80, thus resulting in an increase of $130.20 in 2003. There is no change to Medicare.

Federal Unemployment (FUTA)

The Federal Unemployment tax is an employer tax only and remains the same for the year 2003. The FUTA rate is .8%, with a wage base limit of $7,000.

Income Tax

Federal: The tax tables can be found in the Employer’s Tax Guide, Circular E, at: www.irs.ustreas.gov/prod/forms_pubs/index.html.

State: The tax tables can be found in the Utah Withholding Tax Guide at:

www.utah.gov.

Utah State Unemployment Insurance (SUI)

Utah State Unemployment Insurance rates are different for each employer and in 2003 can range from .1% to 8% with a wage base limit of $22,500. You will receive a statement from the state informing you of your new rate. If you have not already forwarded this information to Precise Pay, please do so. The new employer rate remains at 1.1%.

401K

The 401K withholding limit increases to $12,000 for 2003 (Simple retirement plans: $8,000).