Overview

Capital
Springfield
Currency
United States Dollar (USD)
Date Format
mm/dd/yyyy

Taxes

Employer
6.20% - Social
1.45% - Medicare Rate
Up To 5.12% - State Taxes
Employee

Minimum Wage

General

Minimum wage is $8.25 per hour.

Payroll Contributions

Social Security

Employer: 6.2%

Pension Fund

Employer: contributes a percentage of the total payroll per month for the employees pension funds. The contribution percentage is not specified.
Employee:contributes a percentage of the total payroll per month for pension funds. The contribution percentage is not specified.

Health Insurance

Federal:

Employer: Medicare - 1.45%

Employee: Medicare - 1.45%

Leave

Public Holidays

There are 12 paid official holidays, however private employers are not required to provide either time off or overtime pay on these days.

Termination

Termination Process

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 much pay all the necessary wages up to the day of termination.

Notice Period

While there is no official period required, the general practice is is 2 weeks.

Severance Pay

Illinois law does not either require or prohibit severance payments. It depends on the employer’s agreement with the employee.

VAT

General

The state sales tax is 6.25%.