FICA
Social Security Tax is 6.2% on income up to $137,700
Medicare Tax unlimited 1.45% to Unlimited
High Deductible Health Plans
Minimum Annual Deductible (Individual/Family) $1,400 / $2,800
Maximum Out-of-Pocket Limit (Individual/Family) $6,900 / $13,800
Health Savings Accounts
Individual / Family $3,550 / $7,100
Catch-up Contribution $1,000
ACA Plan Limits
Out-of-Pocket Limits Individual / Family $8,150 / $16,300
Flexible Spending Accounts
Health Care Flexible Spending Account Maximums $2,750
Dependent Care Spending Account Maximum $5,000
The dependent care FSA maximum is set by statute and is not subject to inflation-related adjustments.
Mileage & Transportation
Standard Mileage Rates
57.5 cents per mile for business miles driven
17 cents per mile for medical or moving purposes
14 cents per mile driven in service of charitable organizations
Parking (monthly) $270
Mass Transit Passes (monthly) $270
Compensation
Compensation Limit $285,000
Highly Compensated Employee Salary Amount $130,000
Annual Compensation for Key Employee $185,000
Defined Benefit Plan Limit $230,000
Defined Contribution Plan Limit $57,000
Retirement Plans
401(k) $19,500
401(k) Catch-up $6,500
403(b) $19,500
457(b)(2) and 124(c)(1) $19,500
457(b) Catch-up $6,500
IRA Limit $6,000/$7,000 for age 50+
Simple IRA Limit $13,500/$3,000 Catch-Up
Employee Benefit Advisors provides employee benefits, tax-advantaged healthcare, compliance guidance for ACA and Health & Welfare DOL Audits, and PEO Advisory & Consulting Services.
