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Wage Limits and Caps

Description 2025 2024 2023
Social Security
Taxable Wages $176,100 $168,600 $160,200
Maximum Tax $10,918.20 $10,453.20 $9,932.40
Retirement Plans
Compensation Limit $350,000 $345,000 $330,000
Deferral Limit $23,500 $23,000 $22,500
Catch-Up $7,500 $7,500 $7,500

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HowardSimon 2025 Holiday Schedule

Holiday Dates
New Year's Day Wednesday, January 1
Memorial Day Monday, May 26
Juneteenth Thursday, June 19
Independence Day Friday, July 4
Labor Day Monday, September 1
Thanksgiving Day Thursday, November 27
Day After Thanksgiving Friday, November 28
Christmas Holiday Thursday, December 25
HowardSimon 2024 Holiday Schedule

Holiday Dates
New Year's Day Monday, January 1
Memorial Day Monday, May 27
Juneteenth Wednesday, June 19
Independence Day Thursday, July 4
Labor Day Monday, September 2
Thanksgiving Day Thursday, November 28
Day After Thanksgiving Friday, November 29
Christmas Holiday Wednesday, December 25

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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 www.dol.gov/agencies/whd/state/minimum-wage/tipped.

    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.