Colorado (CO) – 2023

Colorado Effective 1/1/2023 Federal Effective 7/24/2009

Minimum WageColoradoFederal
Minimum Wage$13.65$7.25
Minimum Cash Wage (Tipped Employee)$10.63$2.13
Maximum Tip Credit$3.02$5.12
Youth Minimum Wage$11.60$4.25
State Income TaxColoradoFederal
Wage Withholding4.40%
Supplemental Wage / Bonus Rate4.55%
Unemployment InsuranceColoradoFederal
Maximum 2023 Taxable Earnings (Increased from $17,000 in 2022)$20,400
Employee 2023 DeductionNone
Employer 2023 Tax Rates0.75 – 10.39%
Standard 2023 New Employer Rate1.70%
Voluntary Contribution PermittedYes

Federal (FED) – 2023

Minimum WageFederal
Youth Minimum Wage$4.25
Maximum Tip Credit$5.12
Minimum Cash Wage (Tipped Employee)$2.13
Minimum Wage$7.25
FICA (MEDICARE)Federal
Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)0.90%
Maximum Taxable EarningsNo Limit
FICA (SOCIAL SECURITY)Federal
Maximum Taxable Earnings (Increased from $147,000 in 2022)$160,200
Employee / Employer Tax Rate (Unchanged from 2022)6.20%
FUTA (EMPLOYER-PAID)Federal
Normal Net Tax0.60%
Maximum Credit5.40%
Percent of Taxable Wages6.00%
Maximum Taxable Earnings$7,000
Health Savings AccountsFederal
Catch-up Contribution Limit (Employee / Employer) (Unchanged from 2022)$1,000
Family Contribution Limit (Employee / Employer) (Increased from $7,300 in 2022)$7,750
Self-Only Contribution Limit (Employee / Employer) (Increased from $3,650 in 2022)$3,850
Pension PlansFederal
Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Increase from 6,500 in 2022)$7,500
Supplemental Wage / Bonus RatesFederal
Pay over $1 Million (Unchanged from 2022)37%
Flat Rate Withholding Method (Unchanged from 2022)22%

Colorado State Resources

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