1.45% - Medicare Rate
Up To 5% - State Taxes
Minimum wage is $9.30 per hour.
Employer:contributes a percentage of the total payroll per month for the employees pension funds. The contribution percentage is not specified.
Employee: contributes 8% of the monthly salary to pension fund. Contribution limit of $18,000.
Employer: Medicare - 1.45%
Employee: Medicare - 1.45% (additional 0.9% contribution for employees earning less than $200,000)
Employer: 6.0% and maximum taxable earnings are $7,000
Employee: Voluntary contributions permitted.
There are 11 official holidays, however private employers are not required to provide either time off or overtime pay on these days.
Colorado follows “employment at will” doctrine which means both the employee and employer are allowed to terminate the employment at any given time without a reason. Therefore at the time of termination, the employer must pay all the necessary wages up to the day of termination.
The state sales tax is 2.9%.