2009 Payroll Limits

Quick tips for new limits in 2009

401K – $16,500, catch up $5,500

Social Security – 106,800

Federal Minimum Wage – $6.55,  effective July 24, 2009  $7.25

Colorado Minimum Wage – $7.28 effective January 1, 2009

Health Savings Accounts – $3,000 individual, $5950 family

Transportation in a commuter highway vehicle and any transit pass – $120 per month

Qualified Parking – $230.00

Remember if you employee elected Exempt on their W-4 in 2008 they will need to complete a new W-4 by February 16, 2009.

2008 W-2 are required to be sent to employee’s by January 31, 2009

Make sure you posters are up to date, they are free, contact StaffScapes today to make sure you are compliant.