|
|
Social Security/ Medicare
|
2020
|
2019
|
|
Social Security Tax Wage Base
|
$137,700
|
$132,900
|
|
Medicare Tax Wage Base
|
No limit
|
No limit
|
|
Employee portion of Social Security
|
6.2%
|
6.2%
|
|
Employee portion of Medicare
|
1.45%
|
1.45%
|
|
Individual Retirement Accounts
|
2020
|
2019
|
|
Roth IRA Individual, up to 100% of earned income
|
$6,000
|
$6,000
|
|
Traditional IRA Individual, up to 100% of earned Income
|
$6,000
|
$6,000
|
|
Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older
|
$1,000
|
$1,000
|
|
Qualified Plan Limits
|
2020
|
2019
|
|
Defined Contribution Plan limit on additions on Sections 415(c)(1)(A)
|
$57,000
|
$56,000
|
|
Defined Benefit Plan limit on benefits (Section 415(b)(1)(A))
|
$230,000
|
$225,000
|
|
Maximum compensation used to determine contributions
|
$285,000
|
$280,000
|
|
401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2))
|
$19,500
|
$19,000
|
|
401(k), 403(b), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older
|
$6,500
|
$6,000
|
|
SIMPLE deferrals (Section 408(p)(2)(A))
|
$13,500
|
$13,000
|
|
SIMPLE additional "catch-up" contributions for employees age 50 and older
|
$3,000
|
$3,000
|
|
Compensation defining highly compensated employee (Section 414(q)(1)(B))
|
$130,000
|
$125,000
|
|
Compensation defining key employee (officer)
|
$185,000
|
$180,000
|
|
Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c))
|
$600
|
$600
|
|
Driving Deductions
|
2020
|
2019
|
|
Business mileage, per mile
|
57.5 cents
|
58 cents
|
|
Charitable mileage, per mile
|
14 cents
|
14 cents
|
|
Medical and moving, per mile
|
17 cents
|
20 cents
|
|
Business Equipment
|
2020
|
2019
|
|
Maximum Section 179 deduction
|
$1,040,000
|
$1,020,000
|
|
Phase out for Section 179
|
$2.59 million
|
$2.55 million
|
|
Transportation Fringe Benefit Exclusion
|
2020
|
2019
|
|
Monthly commuter highway vehicle and transit pass
|
$270
|
$265
|
|
Monthly qualified parking
|
$270
|
$265
|
|
Standard Deduction
|
2020
|
2019
|
|
Married filing jointly
|
$24,800
|
$24,400
|
|
Single (and married filing separately)
|
$12,400
|
$12,200
|
|
Heads of Household
|
$18,650
|
$18,350
|
|
Domestic Employees
|
2020
|
2019
|
|
Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc.
|
$2,200
|
$2,100
|
|
Kiddie Tax
|
2020
|
2019
|
|
Net unearned income not subject to the "Kiddie Tax"
|
$2,200
|
$2,200
|
|
Estate Tax
|
2020
|
2019
|
|
Federal estate tax exemption
|
$11.58 million
|
$11.4 million
|
|
Maximum estate tax rate
|
40%
|
40%
|
|
Annual Gift Exclusion
|
2020
|
2019
|
|
Amount you can give each recipient
|
$15,000
|
$15,000ffff
|
|
