Key Numbers
Standard Mileage Rates | 2020 | 2021 |
---|---|---|
Business | $.57.5 per mile | $.56 per mile |
Charity | $.14 per mile | $.14 per mile |
Medical/Moving | $.17 per mile | $.16 per mile |
FICA Limits | 2020 | 2021 |
FICA Limits | $137,700 | $142,800 |
HSA Limits | 2020 | 2021 |
Individual | $3550 ($4550 for those age 55 or older) | $3600 ($4600 for those age 55 or older) |
Family | $7100 ($8100 for those age 55 or older) | $7200 ($8200 for those age 55 or older) |
IRA Limits | 2020 | 2021 |
IRA – Traditional or Roth (income limits apply) |
$6000 ($7000 for those age 50 and older) | $6000 ($7000 for those age 50 and older) |
SEP IRA Limits | 2020 | 2021 |
Employee | 0 | 0 |
Employer | Up to 25% of W-2 wages for all eligible employees, $57,000 max | Up to 25% of W-2 wages for all eligible employees, $58,000 max |
Self-Employed | 20% of (net self-employment income minus SE tax), $57,000 max | 25% of (net self-employment income minus SE tax), $58,000 max |
Simple IRA | 2020 | 2021 |
Employee | $13,500 ($16,500 for those age 50 or older) | $13,500 ($16,500 for those age 50 or older) |
Employer | Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $285,00 Max |
Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees, $290,00 Max |
Self-Employed | 100% of self-employment income up to $13,500 ($16,500 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax) | 100% of self-employment income up to $13,500 ($16,500 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax) |
401-K | 2020 | 2021 |
Employee | $19,500 ($26,000 for those age 50 and older) | $19,500 ($26,000 for those age 50 and older) |
Employer | Up to 25% of W-2 wages. Wages up to $285,000 | Up to 25% of W-2 wages. Wages up to $290,000 |
Employee + Employer combined | $57,000 ($63,500 for those age 50 and older) | $58,000 ($64,500 for those age 50 and older) |
Self Employed | 100% of self-employment income up to $19,500 ($26,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $57,000 ($64,500 for those age 50 and older) | 100% of self-employment income up to $19,500 ($26,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $58,000 ($64,500 for those age 50 and older) |
Catch up contributions for individuals 55 or older (but less than 65) – $1,000 Contribution limits are prorated (1/12 per month) for a partial year. |