The Original – Often Imitated, But Never Duplicated
Handy Reference Table
| 2020 | 2019 | |
|---|---|---|
| Social Security | ||
| Wage Base | ||
| FICA Base | 137,700 | $132,900 |
| Medicare Base | No Limit | No 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 | $8,537 | $8,240 |
| Maximum Medicare tax | No Limit | No Limit |
| Maximum annual earnings before benefits are withheld | ||
| Max Earnings - Under Full Retirement Age | $18,240 | $17,640 |
| Max Earnings - Year of Full Retirement Age | $48,600 | $46,920 |
| Max Earnings - Over Full Retirement Age | No Limit | No Limit |
| Estate Tax Exemption | $11.58 MM | $11.4 MM |
| Gift Tax Annual Exclusion | $15,000 | $15,000 |
| IRS Standard Mileage Rate | ||
| Business Mileage | 57.5¢ | 58.0¢ |
| Charitable Mileage | 14¢ | 14¢ |
| Medical and Moving Mileage | 17¢ | 20¢ |
| Retirement Plans | ||
| Defined contribution plan | ||
| Annual contribution limit | $57,000 | $56,000 |
| Annual compensation limit | $285,000 | $280,000 |
| Annual elective deferral limit | $19,500 | $19,000 |
| Catch-up for age 50 and over | $6,500 | $6,000 |
| SIMPLE Plan | ||
| SIMPLE Contribution limit | $13,500 | $13,000 |
| SIMPLE Catch-up for age 50 and over | $3,000 | $3,000 |
| IRA Plan | ||
| IRA Contribution limit | $6,000 | $6,000 |
| IRA Catch-up for age 50 and over | $1,000 | $1,000 |
| Code Sec. 179 Expense Election | ||
| Section 179 Maximum deduction | $1,040,000 | $1,020,000 |
| Investment-based deduction phase out | $2,590,000 | $2,550,000 |
| 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 | $9.65 | $9.45 |
| Minimum Wage - Age 16 & 17 | $8.20 | $8.03 |
| Health Savings Account (HSA) Contribution Limits | ||
| HSA Contribution - Single Coverage | $3,550 | $3,500 |
| HSA Contribution - Family Coverage | $7,100 | $7,000 |
| HSA Contribution - Catch up for age 55 and over | $1,000 | $1,000 |
| Health flexible spending contribution limit | $2,750 | $2,700 |
Information is current as of December 20, 2019.
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