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.