UNEMPLOYMENT INSURANCE
The 2018 Nevada taxable wage base will be $30,500 (up from $29,500 for 2017), which is based on 66 2/3% of the average annual wage in covered employment for the preceding calendar year rounded to the nearest $100. The tax rate schedule prescribes rates ranging from .25% to 5.4%. Employers will continue to be assigned a contribution rate based on their individual experience rating and will be notified of their 2018 rates in December. Nevada finished paying off $592 million in bonds that paid the federal government back for loans the state took during the recession. As a result, the overall rate for unemployment insurance will drop from 2.63 percent of payroll to 2 percent. That consists of the 1.95 percent state unemployment insurance rate plus the 0.05 percent education assessment. The federal taxable wage base will continue to be $7,000.
FEDERAL SOCIAL SECURITY
The maximum amount of earnings subject to the Social Security payroll tax will climb to $128,400 in 2018. This is up from $127,200 for 2017.The FICA tax rate for employers (and employees) in 2018 will be as follows:
|
RATE |
MAX WAGE |
|
| Social Security: |
6.20% |
$128,400 |
| Medicare: |
1.45% |
No Limit |
| Total: |
7.65% |
