The following list shows the exemption limits for 2020 and 2021 tax years.
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The following list shows the exemption limits for 2020 and 2021 tax years.
Max Tax Rate | 37.00% | 37.00% |
---|---|---|
- Single Top Salary | $518,400.00 | $523,600.00 |
- Married Top Salary | $622,050.00 | $628,300.00 |
Standard Deduction | ||
- Single Standard Deduction | $12,400.00 | $12,550.00 |
- Married Standard Deduction | $24,800.00 | $25,100.00 |
- Head of Household Maximum Deduction | $18,650.00 | $18,800.00 |
FICA Taxable Wages | $137,700.00 | $142,800.00 |
FICA % | 6.20% | 6.20% |
- FICA Max Withholding | $8,537.40 | $8,853.60 |
Section 179 | $1,040,000.00 | $1,050,000.00 |
Estate Tax Unified Credit | $11,580,000.00 | $0.00 |
Non-Taxable Gifts | $15,000.00 | $15,000.00 |
Mileage Rates | ||
- Business Travel | $0.000 | $0.560 |
- Charity | $0.00 | $0.14 |
- Medical and Moving | $0.00 | $0.16 |
Retirement Plans | ||
- Compensation Limit | $285,000.00 | $290,000.00 |
- Pension/SEP | $57,000.00 | $58,000.00 |
- 401K | $19,500.00 | $19,500.00 |
- > 50 Catch Up (401K) | $6,500.00 | $6,500.00 |
- Simple | $13,500.00 | $13,500.00 |
- > 50 Catch Up (Simple) | $3,000.00 | $3,000.00 |
- IRA | $6,000.00 | $6,000.00 |
- > 50 Catch Up (IRA) | $1,000.00 | $1,000.00 |
Flexible Spending Accounts | $2,750.00 | $2,750.00 |
Qualified Employee Fringe Benefits | $270.00/month | $270.00/month |
Health Savings Account | ||
- Self Plan | $3,550.00 | $3,600.00 |
- Family Plan | $7,100.00 | $7,200.00 |
- Age 55 and Over Catch Up | $1,000.00 | $1,000.00 |