Payroll and Benefits Guide - United States - Colorado

United States - Colorado
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Currency

United States Dollar (USD)
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Capital

Denver
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Employer Taxes

11.01% – 26.65%

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Date Format

mm/dd/yyyy
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Fiscal Year

1 Jan – 31 Dec

Fun Facts

The state’s official state fish is the greenback cutthroat trout, a native species found in the Rocky Mountains.

Pikes Peak, located in the Rocky Mountains, is one of Colorado’s most famous fourteeners—mountains that reach elevations above 14,000 feet (4,267 meters).

The state’s official state flower is the Rocky Mountain columbine, which features vibrant blue and white petals.

Colorado is known as the “Centennial State” because it became a state in 1876, exactly 100 years after the signing of the United States Declaration of Independence.

The Denver Mint, established in 1906, is the single largest producer of coins in the world. It produces over 50 million coins per day.

Colorado is the only state in the United States to have ever turned down the opportunity to host the Olympic Games.

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Contributions

Employee Payroll Tax

Contribution TypeRate
Colorado Disability Insurance20%
FICA Social Security6.20%
FICA Medicare61.45%
Additional tax on earnings over 200,000 USD0.90%

Employer Payroll Tax

Contribution TypeRate
Unemployment Insurance0.06% – 10.30%
Unemployment- New Employer2.70%
FICA Social Security6.20%
FICA Medicare1.45%
FUTA (Federal Unemployment Tax Act)0.60% -6.00%

Payroll

Payroll Cycle

Employees are paid semi-monthly and monthly.

13th Salary

There are no provisions in the law regarding 13th salaries.

Work Hours and Week

In Colorado, the workweek is a maximum of 40 hours per week or 8 hours per day.

Overtime

Colorado adheres to the Fair Labour Standards Act (FLSA), and work in excess of 40 hours per week is considered overtime and paid at the rate of 150% of the regular pay. If employees are scheduled to work on weekends or rest days, no additional payment is required.
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Leave

Paid Time Off

Colorado does not have any state laws that govern paid time off. However, it is common for employers to decide whether to offer paid or unpaid vacation leave.

Public Holidays

There are 10 official holidays, however private employers are not required to provide either time off or overtime pay on these days.

Sick Days

It is common for an employer to follow the Family and Medical Leave Act (FMLA) which provides certain employees with up to 12 weeks of unpaid, job-protected leave per year for certain family and medical reasons (maternity leave, serious illnesses, or if the employee needs to care for a spouse or child).

Maternity Leave

Maternity leave falls under the FMLA and Pregnancy Discrimination (Family and Medical Leave Act.)

Paternity Leave

Paternity leave falls under the FMLA

Parental Leave

Parental leave falls under the FMLA and Colorado’s Adoptive Parents Leave

Termination

Termination Process

Except in mass dismissals or as provided for in an employment contract or a collective bargaining agreement, U.S. law does not impose a formal notice period to terminate an individual employment relationship, and employment is stipulated “at will.”

Notice Period

In Colorado, most employees are employed “at-will,” and either party can terminate the employment relationship without notice. In Colorado, payout of unused vacation time is not required by law.

Severance Pay

Except as otherwise provided in an employment contract or collective bargaining agreement, employers need not make severance payments to terminated employees.

Probation Period

Probation Period

There are no provisions in the law regarding probation or trial periods. However, it is common practice for employers to set a performance evaluation after an initially stated period of employment of 90 days.

VISA

VISA

Foreign nationals without permanent resident status or a work visa are not permitted to work in the United States.

VAT

There are no provisions in the law regarding probation or trial periods. However, it is common practice for employers to set a performance evaluation after an initially stated period of employment of 90 days.