Financial Reporting
New Payroll Rates and State Deadlines for W-2s in 2017
Additionally, here’s a rundown of the changes in the most commonly used rates and limits. We highly recommend exploring the payroll guidance solutions provided by Checkpoint, as rates constantly change.
Dec. 12, 2016
2017 brings new state and federal rates, accelerated W-2 filings and ACA reporting requirements.
Due to a low consumer price increase this year, many rates stay the same with a glaring exception—the 2017 Federal Insurance Contributions Act (FICA) wage base. And remember, January 2017 brings Affordable Care Act reporting for applicable large employers (ALEs)—all ALEs will have to provide every employee with a Form 1095-C by March 2, 2017. (One-month extension given.)
Additionally, here’s a rundown of the changes in the most commonly used rates and limits. We highly recommend exploring the payroll guidance solutions provided by Checkpoint, as rates constantly change.
ELECTRONIC STATE W-2 DUE DATES
|
STATE |
DUE DATES |
|
AK |
None |
|
AL |
Jan. 31 (accelerated) |
|
AR |
Feb. 28 |
|
AZ |
Feb. 28 |
|
CA |
N/A |
|
CO |
Jan. 31 (accelerated) |
|
CT |
Jan. 31 (accelerated) |
|
DC |
Jan. 31 (accelerated) |
|
DE |
Jan. 31 (accelerated) |
|
FL |
None |
|
GA |
Jan. 31 (accelerated) |
|
HI |
Last day of Feb. |
|
IA |
Jan. 31 |
|
ID |
Jan. 31 (accelerated) |
|
IL |
Feb. 15 (accelerated) |
|
IN |
Jan. 31 (accelerated) |
|
KS |
Last day of Feb. |
|
KY |
Jan. 31 (accelerated) |
|
LA |
Jan. 31 (accelerated) |
|
MA |
Jan. 31 (accelerated) |
|
ME |
Feb. 28 |
|
MD |
Jan. 31 (accelerated) |
|
MI |
Feb. 28 |
|
MN |
Feb. 28 |
|
MO |
Feb. 28 |
|
MS |
Jan. 31 (accelerated) |
|
MT |
Feb. 28 |
|
NC |
Jan. 31 (accelerated) |
|
ND |
Jan. 31 (accelerated) |
|
NE |
Feb. 1 (accelerated) |
|
NH |
None |
|
NJ |
Last day of Feb |
|
NM |
Last day of Feb |
|
NV |
None |
|
NY |
N/A |
|
OH |
Jan. 31 |
|
OK |
N/A |
|
OR |
Jan. 31 (accelerated) |
|
PA |
Jan. 31 (accelerated) |
|
PR |
Jan. 31 (accelerated) |
|
RI |
Jan. 31 (accelerated) |
|
SC |
Jan. 31 (accelerated) |
|
SD |
None |
|
TN |
None |
|
TX |
None |
|
UT |
Jan. 31 (accelerated) |
|
VA |
Jan. 31 (accelerated) |
|
VT |
Jan. 31 (accelerated) |
|
WA |
None |
|
WI |
Jan. 31 (accelerated) |
|
WV |
Feb. 28 |
|
WY |
None |
2017 Rates
|
ITEM |
2016 |
2017 |
|
Social Security |
$118,500 |
$127,200 |
|
– FICA (6.2%) |
$7,347.00 |
$7,886.40 |
|
– Medicare (1.45%) |
$200,000 |
$200,000 |
|
– Medicare (2.35%) |
> $200,000 |
> $200,000 |
|
|
||
|
Domestic Worker Threshold |
$2,000 |
$2,000 |
|
Elections Workers |
$1,700 |
$1,800 |
|
Transit Passes / Van Pool / Bike |
$255 / $255 / $20 |
$255 / $255 / $20 |
|
Parking |
$255 |
$255 |
|
415(b)(1)(A) Defined Benefit Max |
$210,000 |
$215,000 |
|
Max Contribution |
$53,000 |
$54,000 |
|
Roth Limits (married; single) |
$184,000-$194,000; $117,000-$132,000 |
$186,000-$196,000; $118,000-$133,000 |
|
– 401(k) |
$18,000 |
$18,000 |
|
– 403(b) |
$18,000 |
$18,000 |
|
– 408(p) Simple |
$12,500 |
$12,500 |
|
401(k) Catch-Up |
$6,000 |
$6,000 |
|
414(v) Catch-Up Simple |
$3,000 |
$3,000 |
|
IRA |
$5,500-6,500<50 |
$5,500-6,500<50 |
|
Foreign Income Exclusion |
$101,300 |
$102,100 |
|
Minimum Annual Comp 408 |
$600 |
$600 |
|
Adoption Exclusion Limits |
$13,460 |
$13,570 |
|
– Phase Out Adjusted Gross Income (AGI) |
$201,920 |
$203,540 |
|
– Total Exclusion AGI |
$241,920 |
$243,540 |
|
Definition of Control Employee / Commuting |
$215,000 / $105,000 |
$215,000 / $105,000 |
|
– Corp Officer |
$105,000 |
$105,000 |
|
– Earnings Test |
$210,000 |
$215,000 |
|
Definition of Highly Comp. |
$120,000 |
$120,000 |
|
– Key Employee Top Heavy Plan |
$170,000 |
$175,000 |
|
– Flexible Spending Account (FSA) |
$2,550 |
$2,600 |
|
Long-Term Premiums |
||
|
– <40 |
$390 |
$410 |
|
– 40-50 |
$730 |
$770 |
|
– 50-60 |
$1,460 |
$1,530 |
|
– 60-70 |
$3,900 |
$4,090 |
|
– >70 |
$48,700 |
$5,110 |
|
Limitations |
||
|
– Highly Compensated 414 |
$120,000 |
$120,000 |
|
– Annual Compensation Limits |
||
|
– 414, 404, 408 Self-Employee Pension (SEP) |
$265,000 |
$270,000 |
|
– Annual Compensation Limits |
||
|
– 401 Government plans in effect 7/1/93 |
$395,000 |
$400,000 |
|
Health Savings Account (HSA) |
||
|
– Annual Deduction Limit Single/Family |
$1,300 / $2,600 |
$1,300 / $2,600 |
|
– Maximum Out of Pocket Single/Family |
$6,550 / $13,100 |
$6,550 / $13,100 |
|
– Maximum Annual Contribution Single/Family |
$3,350 / $6,750 |
$3,400 / $6,750 |
|
– Maximum Annual Catch-Up (55 years old) |
$1,000 |
$1,000 |
States with Mandated Disability
|
STATE |
2017 BASE |
RATE |
|
CA |
$106,742 |
0.9% incl. Personal Family Leave |
|
CA |
Family Paid Leave |
|
|
HI |
$960.68 (weekly) |
0.5% max; $4.70 wk |
|
NJ |
$32,600; Family leave – $36,000 |
0.2% disability; 0.08% |
|
NY |
$120 (weekly) |
0.5% max; $0.60 wk |
|
PR |
$9,000 |
0.30% |
|
RI |
$66,300 |
1.2% benefits $817-$1102 |
|
WA |
Postponed indefinitely |
All numbers are current as of November 9, 2016, and subject to changes and additions.
——————
James Paille CPP is the Director of Operations for Thomson Reuters myPay Solutions. He has been an executive manager in the payroll service industry for more than 30 years, specializing in managing multi-location offices. Jim is President of the American Payroll Association as well as a member of the National Speakers Bureau and chair of the CPP Certification Review Panel. He holds a Bachelor of Science in Accounting from St. John Fisher College in Rochester, NY.