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2018 Pocket Tax Guide


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

 20182017
Social Security
Wage Base
FICA Base128,400$127,200
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$7,961$7,886
Maximum Medicare taxNo LimitNo Limit
Maximum annual earnings
before benefits are withheld

Max Earnings - Under Full Retirement Age$17,040$16,920
Max Earnings - Year of Full Retirement Age$45,360$44,880
Max Earnings - Over Full Retirement AgeNo LimitNo Limit
Estate Tax Exemption$11.2 MM$5.49 M
Gift Tax Annual Exclusion$15,000$14,000
IRS Standard Mileage Rate
Business Mileage54.5¢53.5¢
Charitable Mileage14¢14¢
Medical and Moving Mileage18¢17¢
Retirement Plans
Defined contribution plan
Annual contribution limit $55,000$54,000
Annual compensation limit$275,000$270,000
Annual elective deferral limit$18,500$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$1,000,000$510,000
Investment-based deduction
phase out
$2,500,000$2,030,000
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$9.25$8.90
Minimum Wage - Age 16 & 17$7.86$7.57
Health Savings Account (HSA)
Contribution Limits
HSA Contribution - Single Coverage$3,450$3,400
HSA Contribution - Family Coverage$6,900$6,750
HSA Contribution - Catch up for age 55 and over$1,000$1,000
Health flexible spending contribution limit$2,650$2,600

 

Information is current as of December 21, 2017.

 

© 2017 Willis & Jurasek, P.C.