(775) 786-6141
Tax Guide

2022

2021

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 6,000
Section 401(k) plans 20,500 19,500
Section 415 limit for:
Defined contributions plans 61,000 58,000
Over age 50 additional contributions:
401(k) type plans 6,500 6,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return (if taxpayers are covered by a workplace retirement plan) 109,000 105,000
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) 204,000
Single or Head of Household 68,000 66,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return 204,000 198,000
Single or Head of Household 129,000 125,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 19,560 18,960
Full retirement age 4,330/mo. 4,210/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 147,000 142,800
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 3,650 3,600
Family 7,300 7,200
Catch-Up (55 or older) 1,000 1,000

Section 179 Expense

Maximum expense election 1,080,000 1,050,000
Phaseout threshold 2,700,000 2,620,000

Estate Taxes

Estate tax exemption 12,060,000 11,700,000
Top estate tax rate 40% 40%

Gift Taxes

Lifetime gift tax exemption 12,060,000 11,580,000
Annual gift tax exemption
Gifts per person 16,000 15,000
Joint gifts with spouse 32,000 30,000

Standard Mileage Rates

Business 58.5¢ per mile 56¢ per mile
Charitable 14¢ per mile 14¢ per mile
Medical and Moving 18¢ per mile 16¢ per mile

1/24/2022

2020

2019

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 6,000
Section 401(k) plans 19,500 19,000
Section 415 limit for:
Defined contributions plans 57,000 56,000
Over age 50 additional contributions:
401(k) type plans 6,500 6,000
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return ( if taxpayers are covered by a workplace retirement plan) 104,000 103,000
Single or Head of Household 65,000 64,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 18,240 17,640
Full retirement age 4,050/mo. 3,910/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 137,700 132,900
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 3,550 3,500
Family 7,100  7,000
Catch-Up (55 or older) 1,000  1,000

Section 179 Expense

Maximum expense election 1,040,000 1,020,000
Phaseout threshold 2,590,000  2,550,000

Estate Taxes

Estate tax exemption 11,580,000 11,400,000
Top estate tax rate 40%  40%

Gift Taxes

Lifetime gift tax exemption 11,580,000  11,400,000
Annual gift tax exemption
Gifts per person 15,000 15,000
Joint gifts by spouse 30,000 30,000

Standard Mileage Rates

Business 57.5¢ per mile  58¢ per mile
Charitable 14¢ per mile  14¢ per mile
Medical and Moving 17¢ per mile  20¢ per mile

1/24/2022





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100 W. Liberty St., Suite 1100
Reno, NV 89501

T: (775) 786-6141
F: (775) 323-6211
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