Illinois (IL) – 2021
Illinois
| Minimum Wage | Illinois | Federal |
|---|---|---|
| Minimum Wage | $11.00 | $7.25 |
| Minimum Cash Wage (Tipped Employee) | $6.60 | $2.13 |
| Maximum Tip Credit | $4.40 | $5.12 |
| Youth Minimum Wage | $11.00 | $4.25 |
| State Income Tax | Illinois | Federal |
| Wage Withholding | 4.95% | |
| Supplemental Wage / Bonus Rate | 4.95% | |
| Unemployment Insurance | Illinois | Federal |
| Maximum 2021 Taxable Earnings (Increased from $12,720 in 2020) | $12,960 | |
| Employee 2021 Deduction | None | |
| Employer 2021 Tax Rates (Includes 0.475% fund-building surtax) | 0.675 – 6.875% | |
| Standard 2021 New Employer Rate (Includes 0.475% fund-building surtax) | 3.65% | |
| Voluntary Contribution Permitted | No |
Federal (FED) – 2021
| Minimum Wage | Federal |
|---|---|
| Minimum Wage | $7.25 |
| Minimum Cash Wage (Tipped Employee) | $2.13 |
| Maximum Tip Credit | $5.12 |
| Youth Minimum Wage | $4.25 |
| FICA (MEDICARE) | Federal |
| Maximum Taxable Earnings | No Limit |
| Medicare Rate | 1.45% |
| Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match) | 0.90% |
| FICA (SOCIAL SECURITY) | Federal |
| Maximum Taxable Earnings (Increased from $137,700 in 2020) | $142,800 |
| Employee / Employer Tax Rate (Unchanged from 2019) | 6.20% |
| FUTA (EMPLOYER-PAID) | Federal |
| Maximum Taxable Earnings | $7,000 |
| Percent of Taxable Wages | 6.00% |
| Maximum Credit | 5.40% |
| Normal Net Tax | 0.60% |
| Health Savings Accounts | Federal |
| Self-Only Contribution Limit (Employee / Employer) (Increased from $3,550 in 2020) | $3,600 |
| Family Contribution Limit (Employee / Employer) (Increased from $7,100 in 2020) | $7,200 |
| Catch-up Contribution Limit (Employee / Employer) (Unchanged from 2020) | $1,000 |
| Pension Plans | Federal |
| Contribution Limit – 401(k) & 403(b) plans (Unchanged from 2020) | $19,500 |
| Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Increase from 6,000 in 2019) | $6,500 |
| Supplemental Wage / Bonus Rates | Federal |
| Flat Rate Withholding Method (Unchanged from 2020) | 22% |
| Pay over $1 Million (Unchanged from 2020) | 37% |
Illinois State Resources
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