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.