New York (NY) – 2021

New York

Minimum WageNew YorkFederal
Minimum Wage$12.50$7.25
Minimum Cash Wage (Tipped Food Service Worker)$8.35
Maximum Tip Credit (Tipped Food Service Worker)$4.15
State Income TaxNew YorkFederal
Wage WithholdingTables
Supplemental Wage / Bonus Rate9.62%
Unemployment InsuranceNew YorkFederal
Maximum 2021 Taxable Earnings (Increased from $11,600 in 2020)$11,800
Employee 2021 DeductionNone
Employer 2020 Tax Rates (Includes 0.075% Re-employment Service Fund rate)0.9 – 7.9%
Standard 2020 New Employer Rate (Includes 0.075% Re-employment Service Fund rate)3.20%
Voluntary Contribution PermittedYes
Disability InsuranceNew YorkFederal
Employee Deduction (Up to $0.60 per week)0.50%
Employer ContributionDifference between benefit cost and employee contribution
Family Leave Insurance0.511% of employee’s wages, up to annual maximum of $385.34

Federal (FED) – 2021

Minimum WageFederal
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 EarningsNo Limit
Medicare Rate1.45%
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 Wages6.00%
Maximum Credit5.40%
Normal Net Tax0.60%
Health Savings AccountsFederal
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 PlansFederal
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 RatesFederal
Flat Rate Withholding Method (Unchanged from 2020)22%
Pay over $1 Million (Unchanged from 2020)37%

New York State Resources

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