Social Security Tax is 6.2% on income up to $160,200
Medicare Tax unlimited 1.45% to Unlimited

Individual Mandate’s Affordability Exemption — required contribution percentage is 8.17%.

High Deductible Health Plans
Minimum Annual Deductible (Individual/Family) $1,500 / $3,000
Maximum Out-of-Pocket Limit (Individual/Family) $7,500 / $15,000

Health Savings Accounts
Individual / Family $3,850 / $7,750
Catch-up Contribution $1,000

ACA Plan Limits
Out-of-Pocket Limits Individual / Family $9,100 / $18,200

Flexible Spending Accounts
Health Care Flexible Spending Account Maximums $3,050 Maximum carryover $610
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

The IRS has not announced the official 2023 mileage rates. Considering that fuel prices are not at a peak high anymore as back in June and July of 2022, there is a chance the IRS mileage rate 2023 remains at the same levels, currently being:

Standard Mileage Rates
62.5 cents per mile for business miles driven
22 cents per mile for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Parking (monthly) $300
Mass Transit Passes (monthly) $300

Compensation Limit $330,000
Highly Compensated Employee Salary Amount $150,000
Annual Compensation for Key Employee $215,000
Defined Benefit Plan Limit $265,000
Defined Contribution Plan Limit $66,000

Retirement Plans
401(k) $22,500
401(k) Catch-up $7,500

IRA Limit $6,500/$7,500 for age 50+
Simple IRA Limit $15,500/$3,500 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.