Wage Limits and Caps

Description 2021 2020 2019
Social Security
Taxable Wages $142,800 $137,700 $132,900
Maximum Tax $8,853.60 $8,537.40 $8,239.80
Retirement Plans
Compensation Limit $290,000 $285,000 $280,000
Deferral Limit $19,500 $19,500 $19,000
Catch-Up $6,500 $6,500 $6,000

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HowardSimon 2021 Holiday Schedules

Holiday Dates
New Years Day Friday, January 1
Memorial Day Monday, May 31
Independence Day Monday, July 5
Labor Day Monday, September 6
Thanksgiving Day Thursday, November 25
Day After Thanksgiving Friday, November 26
Christmas Holiday Friday, December 24

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  • Minimum Wage Resources

    Minimum wage rates very across the country, many states, counties, and cities have specifi rules regarding the minimum wage in their jurisdiction - below are some resources to help determine the rate in your the Department of Labor’s website at

    Increase in Minimum Wage Rate in Chicago

    On July 1, 2021, the Chicago City Council raised the minimum wage $1 from $14.00 per hour to $15.00 per hour for large employers with 21 or more employees and to $14/hour for small employers (4-20 employees). More information can be found at: Chicago Labor Standards.