The following list shows the exemption limits for 2021 and 2022 tax years.
- 732-577-9300
- 732-577-1245
- al@aaccpa.com
Annual Exemptions
| Max Tax Rate | 37.00% | 37.00% |
|---|---|---|
| - Single Top Salary | $626,350.00 | $640,600.00 |
| - Married Top Salary | $751,600.00 | $768,700.00 |
| Standard Deduction | ||
| - Single Standard Deduction | $15,000.00 | $16,100.00 |
| - Married Standard Deduction | $30,000.00 | $32,200.00 |
| - Head of Household Maximum Deduction | $22,500.00 | $23,625.00 |
| FICA Taxable Wages | $176,100.00 | $184,500.00 |
| FICA % | 0.00% | 6.20% |
| - FICA Max Withholding | $10,918.20 | $11,439.00 |
| Section 179 | ? | $2560000 |
| Estate Tax Unified Credit | $13,990,000.00 | $15,000.00 |
| Non-Taxable Gifts | $19,000.00 | $19,000.00 |
| Mileage Rates | ||
| - Business Travel | $0.700 | $0.725 |
| - Charity | $0.14 | $0.14 |
| - Medical and Moving | $0.21 | $0.20 |
| Retirement Plans | ||
| - Compensation Limit | $350,000.00 | $360,000.00 |
| - Pension/SEP | $70,000.00 | $72,000.00 |
| - 401K | $23,500.00 | $24,500.00 |
| - > 50 Catch Up (401K) | $7,500.00 | $8,000.00 |
| - Simple | $16,500.00 | $17,000.00 |
| - > 50 Catch Up (Simple) | $3,500.00 | $4,000.00 |
| - IRA | $7,000.00 | $7,500.00 |
| - > 50 Catch Up (IRA) | $1,000.00 | $1,100.00 |
| Flexible Spending Accounts | $3,300.00 | $3,400.00 |
| Qualified Employee Fringe Benefits | $325.00/month | $340.00/month |
| Health Savings Account | ||
| - Self Plan | $4,300.00 | $4,400.00 |
| - Family Plan | $8,500.00 | $8,750.00 |
| - Age 55 and Over Catch Up | $1,000.00 | $1,000.00 |
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