New for 2019: Important Tax, Medicare, and Social Security Tables

New for 2019: Important Tax, Medicare, and Social Security Tables

by Julie Jason on Mar 15, 2019

taxes, income taxes, new tax law

Subject matter experts at Thomson Reuters provided the following table that compares 2019 to 2018 limits.  Some are unchanged as noted.

     
Social Security/ Medicare 2019  2018
Social Security Tax Wage Base $132,900 $128,400
Medicare Tax Wage Base No limit No limit
Employee portion of Social Security 6.20% 6.20%
Employee portion of Medicare 1.45% 1.45%
Individual Retirement Accounts 2019 2018
Roth IRA Individual, up to 100% of earned income $6,000  $5,500
Traditional IRA Individual, up to 100% of earned Income $6,000 $5,500
Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older $1,000 $1,000
Qualified Plan Limits 2019 2018
Defined Contribution Plan limit on additions on Sections 415(c)(1)(A) $56,000  $55,000
Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)) $225,000  $220,000
Maximum compensation used to determine contributions $280,000  $275,000
401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) $19,000 $18,500
401(k), 403(b), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older $6,000  $6,000
SIMPLE deferrals (Section 408(p)(2)(A)) $13,000  $12,500
SIMPLE additional "catch-up" contributions for employees age 50 and older $3,000  $3,000
Compensation defining highly compensated employee (Section 414(q)(1)(B)) $125,000  $120,000
Compensation defining key employee (officer) $180,000  $175,000
Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c)) $600  $600
Driving Deductions 2019 2018
Business mileage, per mile 58 cents 54.5 cents
Charitable mileage, per mile 14 cents 14 cents
Medical and moving, per mile 20 cents 18 cents
Business Equipment 2019 2018
Maximum Section 179 deduction $1.02 million $1 million
Phase out for Section 179 $2.55 million $2.5 million
Transportation Fringe Benefit Exclusion 2019 2018
Monthly commuter highway vehicle and transit pass $265  $260
Monthly qualified parking $265  $260
Standard Deduction 2019 2018
Married filing jointly $24,400 $24,000
Single (and married filing separately) $12,200 $12,000
Heads of Household $18,350 $18,000
Domestic Employees 2019 2018
Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc. $2,100 $2,100
Kiddie Tax 2019 2018
Net unearned income not subject to the "Kiddie Tax" $2,200 $2,100
Estate Tax 2019 2018
Federal estate tax exemption $11.4 million $11.18 million
Maximum estate tax rate 40% 40%
Annual Gift Exclusion 2019 2018
Amount you can give each recipient $15,000 $15,000