Key Numbers
Standard Mileage Rates | 2022 | 2023 |
---|---|---|
Business | Jan-Jun: $.585 per mile
Jul-Dec: $.625 per mile |
$.655 per mile |
Charity | $.14 per mile | $.14 per mile |
Medical/Moving | Jan-Jun: $.18 per mile
Jul-Dec: $.22 per mile |
$.22 per mile |
FICA Limits | 2022 | 2023 |
FICA Limits | $147,000 | $160,200 |
HSA Limits | 2022 | 2023 |
Individual | $3650 ($4650 for those age 55 or older) | $3850 ($4850 for those age 55 or older) |
Family | $7300 ($8300 for those age 55 or older) | $7750 ($8750 for those age 55 or older) |
IRA Limits | 2022 | 2023 |
IRA – Traditional or Roth (income limits apply) |
$6000 ($7000 for those age 50 and older) | $6500 ($7500 for those age 50 and older) |
SEP IRA Limits | 2022 | 2023 |
Employee | 0 | 0 |
Employer | Up to 25% of W-2 wages for all eligible employees, $61,000 max | Up to 25% of W-2 wages for all eligible employees, $66,000 max |
Self-Employed | 25% of (net self-employment income minus SE tax), $61,000 max | 25% of (net self-employment income minus SE tax), $66,000 max |
Simple IRA | 2022 | 2023 |
Employee | $14,000 ($17,000 for those age 50 or older) | $15,500 ($19,000 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, $305,000 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, $330,000 Max |
Self-Employed | 100% of self-employment income up to $14,000 ($17,000 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 $15,500 ($19,000 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax) |
401-K | 2022 | 2023 |
Employee | $20,500 ($27,000 for those age 50 and older) | $22,500 ($30,000 for those age 50 and older) |
Employer | Up to 25% of W-2 wages. Wages up to $305,000 | Up to 25% of W-2 wages. Wages up to $330,000 |
Employee + Employer combined | $61,000 ($67,500 for those age 50 and older) | $66,000 ($73,500 for those age 50 and older) |
Self Employed | 100% of self-employment income up to $20,500 ($27,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $61,000 ($67,500 for those age 50 and older) | 100% of self-employment income up to $22,500 ($30,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $66,000 ($73,500 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. |