White expand arrow icon
Back to TalentWiki

United States of America

Basic Economic Summary

Overview

  • Local Languages: English
  • Major Economic Hubs: Washington, D.C., New York City, California
  • Capital: Washington DC
  • Currency: USD
  • Population: 331 million
  • Date Format: mm/dd/yyyy

Useful Information

  • GDP Per Capita (in USD): 53,240
  • PISA Ranking (2018): 13
  • Number of University Graduates (2017/18): 19.6 million

Local Universities

Top Local Universities

University Rankings
Stanford University Ranking in USA: 2, World Ranking: 3
Harvard University Ranking in USA: 1, World Ranking: 5
California Institute of Technology (CalTech) Ranking in USA: 21, World Ranking: 6
Massachusetts Institute of Technology (MIT) Ranking in USA: 3, World Ranking: 1
University of California, Berkeley Ranking in USA: 4, World Ranking: 32

Salary Data

Average Salary of Jobs (Per Month)

Job Title Average Salary (in USD)
Technical Product Engineer 735.10 - 2536.21
Software Developer 8750
Data Analyst 11167
UX Designer 9083
Marketing Manager 8333.33
Sales Executive 10,000
Accountant 5916.67

Talent Sourcing Tips

  • Number of LinkedIn Users (2019): 178 million
  • Top Local Job Portals: CareerBuilder, Indeed, LinkedIn
  • Top Recruitment Agencies: Korn Ferry International, N2Growth, Heidrick & Struggles

Taxes

Employer Payroll Tax

Type of Tax Contribution
Social security 6.20%
Medicare 1.45%
State unemployment tax act 0.13% - 5.72%
Federal unemployment tax act 6.00%

The employer payroll tax can be found here.

Employee Payroll Tax

Type of Tax Contribution
FICA Social Security (Federal) 6.20%
FICA Medicare (Federal) 1.45%
FUTA (Federal Unemployment Tax Act) 6.00%

Employee Monthly Income Tax

Income tax is levied annually as follows:

Rate Annual Income Level in USD
10.00% 0 - 9875
12.00% 9876 - 40125
22.00% 40126 - 85525
24.00% 85526 - 163300
32.00% 163301 - 207350
35.00% 207351-518400

More information on income taxes levied can be found here.

Minimum Wage & Payroll

Minimum Wage

$11/hr, though this may differ across states and locations. ($12.5/hr in NYC ,2020)

Payroll Cycle

Paid at least once a month and paid by the last day of the following month. Not mandatory.

Bonus

13th month salary

Not mandatory.

Working Hours & Statutory Leave

Working hours

Standard working hours are 40 hours per week.

Overtime pay

If the employee is not exempted from overtime pay, it is calculated as follows:

Type of Employee Overtime Pay (%)
Regular employees 150% of regular pay for work over 40 hours in a week
Live-in employees 150% of regular pay for work over 44 hours in a week
Farmers 150% of regular pay for work over 60 hours in a week or on a rest day

Public Holidays

Number of public holidays depends on the state. Federal holidays can be found here.

Leave

Annual Paid Leave

No mandatory annual leave, but advised to do so.

Sick Leave

Sick Leave is given as follows:

Company size Number of hours per year
<4 employees with net annual income of less than USD1 million 40hrs of unpaid sick leave
<4 employees with net annual income of over USD1 million 40hrs of paid sick leave
5-99 employees 40 hrs of paid leave
Over 100 employees 56 hrs of paid leave

Other Leave

Employees are eligible for leave if they have worked for at least 12 months (minimum 1250 hours) and where the company employs ≥ 50 within 75 miles. 12 weeks of unpaid, job-protected leave per year for family or medical reasons (maternity leave, serious illnesses or to care for spouse or child).

Additional state-benefits may apply.

Parental Leave

Paid Family Leave Insurance Act (PFLIA)

  • Care of a family member with serious illness
  • Bonding with foster or adoptive child within first 12 months of placement
  • Help with issues relating to a family member who is serving in the military

Offboarding & Termination

Termination Process

If both employer and employee are 'at will' to terminate the employment agreement, they may do so without providing a reason. Terminating an employee on the grounds of race, creed, national origin, age, disability, gender, sexual orientation, marital status, political & recreational activity outside of work, union membership, termination following the employee for making a complaint to the Commissioner of Labor.

Notice Period

Employees must be given about two weeks of notice period before termination.

Severance Pay

Not mandatory.

Probation period

Not mandatory.

VAT

4.5%

Any queries or suggestions?
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Employ anyone from anywhere with Multiplier

Book a Demo