HR Alert

2010 End of Year Reminders for 2011

• The Social Security Wage Base for 2011, beginning January 1, 2011 remains unchanged at $106,800.

• The maximum annual amount an employee can contribute to a 401(k) Plan during 2011 is $16,500.  Employees age 50 and above can contribute up to $22,000.

• The maximum annual amount an employee can contribute to an IRA or a Roth IRA is $5,000; employees age 50 and above can contribute up to $6,000.

• Simple IRA’s have a maximum annual contribution of $11,500 for employees in 2011; employees age 50 and above can contribute up to $14,000.
• Colorado’s Minimum Wage increases to $7.36 per hour, effective January 1, 2011.  The Tipped Employee’s Minimum Wage increases to $4.34 per hour, also effective January 1, 2011.
• The 2011 IRS standard mileage rate:  $0.51 cents per mile for business miles driven; $0.19 cents per mile for medical or moving purposes; and $0.14 cents per miles driven in service of charitable organizations.

• Employers are required to comply with the following federal legislation (number of employees listed in parenthesis):
  • Immigration Reform and Control Act (Form I-9) (1 or more employees)
  • Colorado Affirmation form (1 or more employees)
  • USERRA (1 or more employees)
  • Fair Labor Standards Act (1 or more employees)
  • Americans with Disabilities Act (15 or more employees)
  • Age Discrimination in Employment Act (20 or more employees)
  • Family and Medical Leave Act (50 or more employees)
  • EEO-1 Reports (100 or more employees; 50 or more for federal contracts)