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Tax & Wage Rates

Tax & Wage related items.

Tax Rates: Federal

Tax Rates: State

Prevailing Wage Rates

Davis Bacon Info

Find a State DOT

Tax Rates: Federal
(Individual 2022)

FICA (social security)
Rate: 6.2%
Maximum Earnings: $147,000.
Exemption Allowance: $0

Medicare
Rate: 1.45%
Rate: 2.35%     Earnings over 200,000.
Maximum Earnings: No Limits
Exemption Allowance: $0

Exemption Allowance: $0. each ($0 each per week)
Eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA).

Notes: WH-347

• Most construction workers fall into the 10% or 15% rate of withholding.
• Remember: You cannot report that you are paying less than the prevailing wage
  for the category of work being performed.
• It's OK to pay more than the prevailing wage rate.

Employee Setup (Yellow Menu Bar)
Click here to make changes.

You can enter new / change the existing data ($ value of each).

This form is not a “payroll” form but a summary of payroll.
It highlights the prevailing wage rates for each employee who worked on the project.

A chart of federal individual income tax rates can be found here:
https://taxfoundation.org/publications/federal-tax-rates-and-tax-brackets/
(an unaffiliated site)

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Tax Rates: State

Notes:

• Consider setting the state rates to a typical value of 2% or 3% for each employee.
• Remember: You cannot report that you are paying less than the prevailing wage
  for the category of work being performed.
• It's OK to pay more than the prevailing wage rate.

For state income tax rates and withholding information, consult your tax preparer or visit your state's Department of Revenue web site (look for links to "personal income tax", "tax forms" or "tax form instructions").

A chart of state individual income tax rates can be found here:
https://taxfoundation.org/publications/state-individual-income-tax-rates-and-brackets/
(an unaffiliated site)

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Prevailing Wage Rates

You cannot report that you are paying less than the prevailing wage for the category of work being performed.

It's OK to pay more than the prevailing wage rate.

A general rule of thumb for finding trade wage rates (category) is to check with the Union Local in your area.

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Davis Bacon Info

For a summary of Prevailing Wages in Construction Contracts (Davis-Bacon Act and Related Acts), visit the website of The U.S. Department of Labor's Office of The Assistant Secretary for Policy:
http://www.dol.gov/whd/govcontracts/dbra.htm

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Find a State DOT

A good place to start when you have questions is the website for your state's Department of Transportation. The U.S. DOT Federal Highway Administration site keeps an updated list of state sites here:
http://www.FHWA.dot.gov/webstate.htm

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