Colorado State Tax Facts
State Mandated Retirement Plans
The Colorado Secure Savings (https://coloradosecuresavings.com/) is a retirement plan offered by Colorado State. Here are the key facts to know:
- Employers are required to notify employees 18 years of age and who has earned taxable wages from a Colorado employer for at least 180 days, the opportunity to contribute.
- Employees do not have to participate
- Employees do need to deny the enrollment within 30 days otherwise, they will automatically be enrolled
State website for employee enrollment details can be found here: https://coloradosecuresavings.com/savers/program-details.
To help you navigate the website, we have selected a few important links we think you will find helpful.
- Registration: https://coloradosecuresavings.vestwell.com/register/employer
- Certify Exemption (to request exemption): https://coloradosecuresavings.vestwell.com/register/exempt
- Employer Program Details: https://coloradosecuresavings.com/employers/program-details
- FAQ: https://coloradosecuresavings.com/faqs/employer
Direct Deposit Law
| Can you force direct deposit: | No |
Minimum Wage
| Minimum Wage | $12.56 |
| Minimum Cash Wage(Tipped Employee) | $9.54 |
| Maximum Tip Credit | $3.02 |
| Youth Minimum Wage | $10.68 |
State Income Tax
| Wage Withholding | Tables |
Unemployment Insurance
| Maximum 2022 Taxable Earnings(Increased from $13,600 in 2021) | $17,000 |
| Employee 2022 Deduction | None |
| Employer 2022 Tax Rates | 0.75 – 10.39% |
| Standard 2022 New Employer Rate | 1.70% |
Important Forms and Documents
Federal Tax Facts
Federal Minimum Wage Effective 7/24/2009
| Federal Minimum Wage | |
|---|---|
| Minimum Wage | $7.25 |
| Minimum Cash Wage(Tipped Employee) | $2.13 |
| Youth Minimum Wage | $4.25 |
| FICA (Medicare) | |
|---|---|
| Maximum Taxable Earnings | No Limit |
| Employee / Employer Tax Rate (Unchanged from 2019) | 1.45% |
| Additional Medicare Tax Withholding on Wages > $200,000(No Employer Match) | 0.90% |
| FICA (Social Security) | |
|---|---|
| Maximum Taxable Earnings (Increased from $142,800 in 2021 | $147,000 |
| Employee / Employer Tax Rate(Unchanged from 2021) | 6.20% |
| FUTA (Employer-Paid) | |
|---|---|
| Maximum Taxable Earnings | $7,000 |
| Health Savings Accounts | |
|---|---|
| Self-Only Contribution Limit (Employee / Employer)(Increased from $3,600 in 2021) | $3,650 |
| Family Contribution Limit (Employee / Employer)(Increased from $7,200 in 2021) | $7,300 |
| Catch-up Contribution Limit (Employee / Employer)(Unchanged from 2021) | $1,000 |
| Pension Plans | |
|---|---|
| Contribution Limit – 401(k) & 403(b) plans(Increased from $19,500 in 2021) | $20,500 |
| Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Unchanged from 2021) | $6,500 |