2019 annual limits recap

December 14, 2018

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.

Related Articles

Honkamp named Top Workplace in Dubuque
Honkamp recognized as a Top Workplace in Dubuque

April 11, 2024

Top 10 Midwest CPA Firm
Honkamp named a Top 10 Midwest CPA firm

March 18, 2024

USA Today names Honkamp to top tax, accounting lists
USA Today names Honkamp to top tax, accounting lists

February 8, 2024