Mississippi (MS) – 2020

Mississippi

Minimum WageMississippiFederal
Minimum Wage$7.25*$7.25
Minimum Cash Wage (Tipped Employee)$2.13*$2.13
Maximum Tip Credit$5.12*$5.12
Youth Minimum Wage$4.25*$4.25
State Income TaxMississippiFederal
Wage WithholdingTables
Supplemental Wage / Bonus RateNo provision
Unemployment InsuranceMississippiFederal
Maximum 2020 Taxable Earnings (Unchanged from 2019)$14,000
Employee 2020 DeductionNone
Employer 2020 Tax Rates (Includes 0.2% workforce investment and training contribution rate)0.2 – 5.6%
Standard 2020 New Employer Rate (New employers pay 1.2% in 1st year, 1.3% in 2nd year and 1.4% in 3rd year; includes 0.2% workforce investment and training contribution rate)1.2 – 1.4%
Voluntary Contribution PermittedNo

Federal (FED) – 2020

Minimum WageFederal
Maximum Tip Credit$5.12
Youth Minimum Wage$4.25
Minimum Wage$7.25
Minimum Cash Wage (Tipped Employee)$2.13
FICA (MEDICARE)Federal
Medicare Rate1.45%
Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)0.90%
Maximum Taxable EarningsNo Limit
FICA (SOCIAL SECURITY)Federal
Employee / Employer Tax Rate (Unchanged from 2019)6.20%
Maximum Taxable Earnings (Increased from $132,900 in 2019)$137,700
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 2019)$1,000
Family Contribution Limit (Employee / Employer) (Increased from $7,000 in 2019)$7,100
Self-Only Contribution Limit (Employee / Employer) (Increased from $3,500 in 2019)$3,550
Supplemental Wage / Bonus RatesFederal
Pay over $1 Million (Unchanged from 2019)37%
Flat Rate Withholding Method (Unchanged from 2019)22%

Mississippi State Resources

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