Colorado State Facts Colorado effective 1/1/2022 Federal Effective 7/24/2009
| Colorado Final Paycheck Law | |
|---|---|
| Fired: | The final paycheck is due immediately, unless the employer’s accounting unit is not regularly scheduled to be operational on the day of termination, in which case the employee must be paid no later than 6 hours after the start of the accounting department’s next regular workday. If the accounting unit is located off the work site, the paycheck must be paid no later than 24 hours after the start of the accounting unit’s next regular workday. |
| Quit: | The final paycheck is due on the next regular payday. |
| Colorado Direct Deposit Law | |
|---|---|
| Can you force direct deposit | No |
| Colorado Minimum Wage | |
|---|---|
| Minimum Wage | $12.56 |
| Minimum Cash Wage(Tipped Employee) | $9.54 |
| Maximum Tip Credit | $3.02 |
| Youth Minimum Wage | $10.68 |
| Colorado State Income Tax | |
|---|---|
| Wage Withholding | 4.55% |
| Supplemental Wage/Bonus Rate | 4.55% |
| Colorado Unemployment Insurance |
|---|
| Maximum 2022 Taxable Earnings(Unchanged from 2021) | $17,000 |
| Employee 2022 Deduction | None |
| Employer 2022 Tax Rates(Includes 0.2% fund-stabilization surtax) | 0.75-10.39% |
| Standard 2022 New Employer Rate(Includes 0.2% fund-stabilization surtax) | 1.70% |
| Voluntary Contribution Permitted | Yes |
Federal Tax Facts
| Federal Minimum Wage | |
|---|---|
| Minimum Wage | $7.25 |
| Minimum Cash Wage(Tipped Employee) | $2.13 |
| Maximum Tip Credit | $5.12 |
| 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 |
| Percent of Taxable Wages | 6.00% |
| Maximum Credit | 5.40% |
| Normal Net Tax | .060% |
| 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 |