The following list shows the exemption limits for 2021 and 2022 tax years.
- 732-577-9300
- 732-577-1245
- al@aaccpa.com
Annual Exemptions
| Max Tax Rate | 37.00% | 37.00% |
|---|---|---|
| - Single Top Salary | $578,125.00 | $609,350.00 |
| - Married Top Salary | $693,750.00 | $732,200.00 |
| Standard Deduction | ||
| - Single Standard Deduction | $13,850.00 | $14,600.00 |
| - Married Standard Deduction | $27,700.00 | $29,200.00 |
| - Head of Household Maximum Deduction | $20,800.00 | $21,900.00 |
| FICA Taxable Wages | $160,200.00 | $168,600.00 |
| FICA % | 6.20% | 6.20% |
| - FICA Max Withholding | $9,932.40 | $10,453.20 |
| Section 179 | 1,160,000 | $1,160,000.00 |
| Estate Tax Unified Credit | $12,920,000.00 | $3,610,000.00 |
| Non-Taxable Gifts | $17,000.00 | $18,000.00 |
| Mileage Rates | ||
| - Business Travel | $655.000 | $0.670 |
| - Charity | $0.14 | $0.14 |
| - Medical and Moving | $0.22 | $0.17 |
| Retirement Plans | ||
| - Compensation Limit | $330,000.00 | $345,000.00 |
| - Pension/SEP | $66,000.00 | $69,000.00 |
| - 401K | $22,500.00 | $23,000.00 |
| - > 50 Catch Up (401K) | $7,500.00 | $7,500.00 |
| - Simple | $15,500.00 | $16,000.00 |
| - > 50 Catch Up (Simple) | $3,500.00 | $3,500.00 |
| - IRA | $6,500.00 | $7,000.00 |
| - > 50 Catch Up (IRA) | $1,000.00 | $1,000.00 |
| Flexible Spending Accounts | $3,050.00 | $3,200.00 |
| Qualified Employee Fringe Benefits | $270.00/month | $315.00/month |
| Health Savings Account | ||
| - Self Plan | $3,600.00 | $4,150.00 |
| - Family Plan | $7,200.00 | $8,300.00 |
| - Age 55 and Over Catch Up | $1,000.00 | $1,000.00 |
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