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2019 Pocket Tax Guide


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

 20192018
Social Security
Wage Base
FICA Base132,900$128,400
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$8,240$7,961
Maximum Medicare taxNo LimitNo Limit
Maximum annual earnings
before benefits are withheld

Max Earnings - Under Full Retirement Age$17,640$17,040
Max Earnings - Year of Full Retirement Age$46,920$45,360
Max Earnings - Over Full Retirement AgeNo LimitNo Limit
Estate Tax Exemption$11.4 MM$11.18 MM
Gift Tax Annual Exclusion$15,000$15,000
IRS Standard Mileage Rate
Business Mileage58.0¢54.5¢
Charitable Mileage14¢14¢
Medical and Moving Mileage20¢18¢
Retirement Plans
Defined contribution plan
Annual contribution limit $56,000$55,000
Annual compensation limit$280,000$275,000
Annual elective deferral limit$19,000$18,500
Catch-up for age 50 and over$6,000$6,000
SIMPLE Plan
SIMPLE Contribution limit$13,000$12,500
SIMPLE Catch-up for age 50 and over$3,000$3,000
IRA Plan
IRA Contribution limit$6,000$5,500
IRA Catch-up for age 50 and over$1,000$1,000
Code Sec. 179 Expense Election
Section 179 Maximum deduction$1,020,000$1,000,000
Investment-based deduction
phase out
$2,550,000$2,500,000
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$9.45$9.25
Minimum Wage - Age 16 & 17$8.03$7.86
Health Savings Account (HSA)
Contribution Limits
HSA Contribution - Single Coverage$3,500$3,450
HSA Contribution - Family Coverage$7,000$6,900
HSA Contribution - Catch up for age 55 and over$1,000$1,000
Health flexible spending contribution limit$2,700$2,650

 

Information is current as of December 17, 2018.

 

© 2018 Willis & Jurasek, P.C.