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.

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%
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

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