Tax Guide

 

2018

2017

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 5,500 $ 5,500
Section 401(k) plans  18,500 18,000
Section 415 limit for:
     Defined contributions plans  55,000 54,000
Over age 50 additional contributions:
     401(k) type plans  6,000 6,000
     IRAs  1,000 1,000
IRA AGI Deduction phase-out starting at:
     Joint Return  101,000 99,000
     Single or Head of Household  63,000 62,000

Social Security Beneficiaries Earnings Limits

Under full retirement age  17,040 16,920
Months of the year prior to full retirement age  3,780/mo. 3,740/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.)  128,700 127,200
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.)  No limit No limit

Health Savings Accounts

Individual  3,450 3,400
Family  6,900 6,750
Catch-Up (55 or older)  1,000 1,000

Section 179 Expense

Maximum expense election  1,000,000 500,000
Phaseout threshold  2,500,000 2,000,000

Estate Taxes

Estate tax exemption  11,200,000 5,490,000
Top estate tax rate  40% 40%

Gift Taxes

Lifetime gift tax exemption  11,200,000 5,490,000
Annual gift tax exemption
    Gifts per person  15,000 14,000
    Joint gifts by spouse  30,000 28,000

Standard Mileage Rates

Business .545¢ per mile .535¢ per mile
Charitable .14¢ per mile .14¢ per mile
Medical and Moving .18¢ per mile .17¢ per mile

1/11/18

 

2016

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 5,500
Section 401(k) plans  18,000
Section 415 limit for:
     Defined contributions plans  53,000
Over age 50 additional contributions:
     401(k) type plans  6,000
     IRAs  1,000
IRA AGI Deduction phase-out starting at:
     Joint Return  98,000
     Single or Head of Household  61,000

Social Security Beneficiaries Earnings Limits

Under full retirement age  15,720
Months of the year prior to full retirement age  3,490/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.)  118,500
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly.   2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.)  No limit

Health Savings Accounts

Individual  3,350
Family  6,750
Catch-Up (55 or older)  1,000

Section 179 Expense

Maximum expense election  500,000
Phaseout threshold  2,000,000

Estate Taxes

Estate tax exemption  5,450,000
Top estate tax rate  40%

Gift Taxes

Lifetime gift tax exemption  5,450,000
Annual gift tax exemption
    Gifts per person  14,000
    Joint gifts by spouse  28,000

Standard Mileage Rates

Business .54¢ per mile
Charitable .14¢ per mile
Medical and Moving .19¢ per mile

1/25/16