Tax Guide - Barnard Vogler & Company

	2023	2022
Retirement Plan Contribution Limits
Individual Retirement Accounts	$ 6,500	$ 6,000
Section 401(k) plans	22,500	20,500
Section 415 limit for:
Defined contributions plans	66,000	61,000
Over age 50 additional contributions:
401(k) type plans	7,500	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)	116,000	109,000
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered)	218,000	204,000
Single or Head of Household	73,000	68,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return	218,000	204,000
Single or Head of Household	138,000	129,000
Social Security Beneficiaries Earnings Limits
Under full retirement age	21,240	19,560
Full retirement age	4,710/mo.	4,330/mo.
FICA Taxable Wage Base Limits
Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.)	160,200	147,000
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	3,850	3,650
Family	7,750	7,300
Catch-Up (55 or older)	1,000	1,000
Section 179 Expense
Maximum expense election	1,160,000	1,080,000
Phaseout threshold	2,890,000	2,700,000
Estate Taxes
Estate tax exemption	12,920,000	12,060,000
Top estate tax rate	40%	40%
Gift Taxes
Lifetime gift tax exemption	12,920,000	12,060,000
Annual gift tax exemption
Gifts per person	17,000	16,000
Joint gifts with spouse	34,000	32,000
Standard Mileage Rates
Business	65.5¢ per mile	58.5¢ per mile (1/1-6/30) 62.5¢ per mile (7/1-12/31)
Charitable	14¢ per mile	14¢ per mile
Medical and Moving	22¢ per mile	18¢ per mile (1/1-6/30) 22¢ per mile (7/1-12/31)

1/26/2023

	2021	2020
Retirement Plan Contribution Limits
Individual Retirement Accounts	$ 6,000	$ 6,000
Section 401(k) plans	19,500	19,500
Section 415 limit for:
Defined contributions plans	58,000	57,000
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)	105,000	104,000
Single or Head of Household	66,000	65,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return	198,000	n/a
Single or Head of Household	125,000	n/a
Social Security Beneficiaries Earnings Limits
Under full retirement age	18,960	18,240
Full retirement age	4,210/mo.	4,050/mo.
FICA Taxable Wage Base Limits
Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.)	142,800	137,700
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	3,600	3,550
Family	7,200	7,100
Catch-Up (55 or older)	1,000	1,000
Section 179 Expense
Maximum expense election	1,050,000	1,040,000
Phaseout threshold	2,620,000	2,590,000
Estate Taxes
Estate tax exemption	11,700,000	11,580,000
Top estate tax rate	40%	40%
Gift Taxes
Lifetime gift tax exemption	11,580,000	11,580,000
Annual gift tax exemption
Gifts per person	15,000	15,000
Joint gifts by spouse	30,000	30,000
Standard Mileage Rates
Business	56¢ per mile	57.5¢ per mile
Charitable	14¢ per mile	14¢ per mile
Medical and Moving	16¢ per mile	17¢ per mile

1/24/2022

2023

2022

Retirement Plan Contribution Limits

Social Security Beneficiaries Earnings Limits

FICA Taxable Wage Base Limits

Health Savings Accounts

Section 179 Expense

Estate Taxes

Gift Taxes

Standard Mileage Rates

2021

2020

Retirement Plan Contribution Limits

Social Security Beneficiaries Earnings Limits

FICA Taxable Wage Base Limits

Health Savings Accounts

Section 179 Expense

Estate Taxes

Gift Taxes

Standard Mileage Rates