Overview

Capital
Currency
United States Dollar (USD)

Taxes

Employer
6.20% - Social Security Tax
1.45% - Medicare Rate
up to 4.62% - State Taxes
Employee

Minimum Wage

General

Minimum wage $8.50 per hour.

Payroll Contributions

Social Security

As of 2011, after the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010, the Social Security tax rate is 4.2 percent of an employee's wages. In addition, there is a limit to the amount of wages that are subject to Social Security taxes. In 2016, the taxable wage base is be $118,500

Pension Fund

Employer: has to contribute between 5-10% of the employee's wages depending on pension plan and occupation.
Employee: has to contribute between 5-10% of his/her wages depending on pension plan and occupation.

Health Insurance

Federal:

Employer: Medicare - 1.45%

Employee: Medicare - 1.45% (additional 0.9% contribution for employees earning less than $200,000)

Unemployment Insurance

Federal

Employer: 6.0% and maximum taxable earnings are $7,000


State:

Employer: 2.7%

Employee: Voluntary contributions permitted.

Leave

Public Holidays

There are 15 official paid public holidays, private employers are not required to pay additional pay during these days.

Termination

Termination Process

An employee can be terminated at any time as they are considered “at will employees”. No specific termination policies.

VAT

General

The state sales tax is 6.5%.