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.
PlNote:
