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Posted on: October 27, 2022
2024 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $168,600 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
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| Cents/mile | Cents/mile | ||
| Business | 67 | Moving | 21 |
| Medical | 21 | Charitable | 14 |
Pension Plans |
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| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $23,000 | Additional $7,500 |
| Simple & 408P | $16,000 | Additional $3,500 |
Health Savings Accounts |
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| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $4,150 | $8,300 | Additional $1,000 |
| FSA (Flexible Spending Account) | $3,200 |
2023 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $160,200 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
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| Cents/mile | Cents/mile | ||
| Business | 65.5 | Moving | 22 |
| Medical | 22 | Charitable | 14 |
Pension Plans |
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| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $22,500 | Additional $7,500 |
| Simple & 408P | $15,500 | Additional $3,500 |
Health Savings Accounts |
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| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $3,850 | $7,750 | Additional $1,000 |
| FSA (Flexible Spending Account) | $3,050 |
2022 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $147,000 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
|||
| Cents/mile | Cents/mile | ||
| Business | 01/01-06/30: 58.5
07/01-12/31: 62.5 |
Moving | 18 |
| Medical | 18 | Charitable | 14 |
Pension Plans |
||
| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $20,500 | Additional $6,500 |
| Simple & 408P | $14,000 | Additional $3,000 |
Health Savings Accounts |
|||
| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $3,650 | $7,300 | Additional $1,000 |
| FSA (Flexible Spending Account) | $2,850 | $5,700 |
2021 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $142,800 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
|||
| Cents/mile | Cents/mile | ||
| Business | 56 | Moving | 16 |
| Medical | 16 | Charitable | 14 |
Pension Plans |
||
| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $19,500 | Additional $6,500 |
| Simple & 408P | $13,500 | Additional $3,000 |
Health Savings Accounts |
|||
| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $3,600 | $7,200 | Additional $1,000 |
| FSA (Flexible Spending Account) | $2,750 | $5,500 |
2020 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $137,700 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
|||
| Cents/mile | Cents/mile | ||
| Business | 57.5 | Moving | 17 |
| Medical | 17 | Charitable | 14 |
Pension Plans |
||
| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $19,500 | Additional $6,500 |
| Simple & 408P | $13,500 | Additional $3,000 |
Health Savings Accounts |
|||
| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $3,550 | $7,100 | Additional $1,000 |
| FSA (Flexible Spending Account) | $2,700 |
2019 Facts & Figures
FICA Taxes |
|||
| Tax Type | Social Security – Wage limit of $132,900 | Medicare – No Wage limit | Medicare – Wages in excess of $200,000 |
| Employer Tax | 6.20% | 1.45% | 0% |
| Employee Tax | 6.20% | 1.45% | 0.9% |
Mileage Rates |
|||
| Cents/mile | Cents/mile | ||
| Business | 58 | Moving | 20 |
| Medical | 20 | Charitable | 14 |
Pension Plans |
||
| Plan Type | Contribution Limits | Catch-up Limit (Age 50+) |
| 401K & 403B | $19,000 | Additional $6,000 |
| Simple & 408P | $13,000 | Additional $3,000 |
Health Savings Accounts |
|||
| Plan Type | Individual Limits | Family Limits | Catch-up Limit (Age 55+) |
| HSA (Health Savings Account) | $3,500 | $7,000 | Additional $1,000 |
| FSA (Flexible Spending Account) | $2,700 |
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