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2017 Pocket Tax Guide


The Original – Often Imitated, But Never Duplicated
Handy Reference Table
 

 20172016
Social Security
Wage Base
FICA Base$127,200$118,500
Medicare BaseNo LimitNo Limit
Tax Rates
FICA (employer/employee)6.20%6.20%
Medicare (employer/employee)1.45%1.45%
Self-employed (combined)15.30%15.30%
Maximum FICA tax$7,886$7,347
Maximum Medicare taxNo LimitNo Limit
Maximum annual earnings
before benefits are withheld

Max Earnings - Under Full Retirement Age$16,920$15,720
Max Earnings - Year of Full Retirement Age$44,880$41,880
Max Earnings - Over Full Retirement AgeNo LimitNo Limit
Estate Tax Exemption$5.49 M$5.45 M
Gift Tax Annual Exclusion$14,000$14,000
IRS Standard Mileage Rate
Business Mileage53.5¢54¢
Charitable Mileage14¢14¢
Medical and Moving Mileage17¢19¢
Retirement Plans
Defined contribution plan
Annual contribution limit $54,000$53,000
Annual compensation limit$270,000$265,000
Annual elective deferral limit$18,000$18,000
Catch-up for age 50 and over$6,000$6,000
SIMPLE Plan
SIMPLE Contribution limit$12,500$12,500
SIMPLE Catch-up for age 50 and over$3,000$3,000
IRA Plan
IRA Contribution limit$5,500$5,500
IRA Catch-up for age 50 and over$1,000$1,000
Code Sec. 179 Expense Election
Section 179 Maximum deduction$510,000$500,000
Investment-based deduction
phase out
$2,030,000$2,010,000
Unemployment Tax Earnings Base
Federal Unemployment Base$7,000$7,000
Michigan Unemployment Base$9,000$9,000
Michigan Minimum Wage
Minimum Wage - Age 18 and older$8.90$8.50
Minimum Wage - Age 16 & 17$7.57$7.25
Health Savings Account (HSA)
Contribution Limits
HSA Contribution - Single Coverage$3,400$3,350
HSA Contribution - Family Coverage$6,750$6,750
HSA Contribution - Catch up for age 55 and over$1,000$1,000
Health flexible spending contribution limit$2,600$2,550

 

Information is current as of December 14, 2016.

 

© 2016 Willis & Jurasek, P.C.