Oklahoma (OK) – 2021

Oklahoma

Minimum Wage – Employers with 10 or more full-time employees at any one location or employers with annual gross sales over $100,000 irrespective of number of full-time employeesOklahomaFederal
Minimum Wage$7.25
Minimum Cash Wage (Tipped Employee)$3.63
Maximum Tip Credit$3.63
Youth Minimum Wage$4.25
State Income TaxOklahomaFederal
Wage WithholdingTables
Supplemental Wage / Bonus Rate5.00%
Unemployment InsuranceOklahomaFederal
Maximum 2021 Taxable Earnings (Increased from $18,700 in 2020)$24,000
Employee 2021 DeductionNone
Employer 2021 Tax Rates0.3 – 7.5%
Standard 2021 New Employer Rate1.50%
Voluntary Contribution PermittedNo

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%

Oklahoma State Resources

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