For 2023, the social security tax withheld for employees is 6.2%. The social security tax is stopped when an employee's wages reach $160,200 for the calendar year.
For 2023, 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 $22,500. The catch-up contribution limit for those aged 50 and over is $7,500.
The 2023 IRS standard mileage rates are as follows:
-business rate is 65.5 cents per mile.
-medical/moving rate is 22 cents per mile.
-charitable rate is 14 cents per mile.
The annual gift tax exclusion is $17,000 for 2023.
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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