• Honkamp Krueger HK-Logo
  • HKPHKP-Logo
  • HK Financial ServicesHKFS-Logo
  • HKFS RetirementHKRS-Logo
  • HK Alliance HKA-Logo
  • Kabel Business Services Kabel-Logo

2019 annual limits recap

News |

Annual limit rates and increases have been released by the IRS. Here are the 2019 annual limits for various tax, retirement and IRS rates at a glance:

  • Standard mileage rate is $0.58/mile, up 3.5 cents from 2018
  • Section 179 depreciation expense federal maximum is $1,020,000
  • Bonus depreciation is 100%
  • Simple Plan annual deferral limit is $13,000 ($16,000 age 50 or older)
  • 401(k) Plan annual deferral limit is $19,000 ($25,000 age 50 or older)
  • IRA & Roth IRA annual contribution limit is $6,000 ($7,000 age 50 or older)
  • Social Security tax rate is 6.2% with a wage base of $132,900
  • Medicare tax rate is 1.45% with an unlimited wage base
  • Additional Medicare tax rate is 0.90%, applies to wages in excess of $200,000 and is not matched by the employer

For questions on annual limits, contact your account representative at 888-556-0123.