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For 2022, the social security tax withheld for employees is 6.2%.  The social security tax is stopped when an employee's wages reach $147,000 for the calendar year. 

For 2022, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is $20,500.  The catch-up contribution limit for those aged 50 and over is $6,500.
  
The 2022 IRS standard mileage rates are as follows: 
           -business rate is 58.5 cents per mile from January-June 2022 and
                     62.5 cents per mile from July-December 2022.
           -medical/moving rate is 18 cents per mile from January-June 2022
                     and 22 cents per mile from July-December 2022. 
           -charitable rate is 14 cents per mile.  
  
The annual gift tax exclusion is $16,000 for 2022.  






Please note that the information on this website is generic.  Consult with your tax advisor or governing agency if you have questions with your specific situation.




















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