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Tax Facts

  2022 2021 2020
Standard Deductions
Joint or Qualifying Widower $25,900 $25,100 $24,800
Single $12,950 $12,550 $12,400
Head of Household $19,400 $18,800 $18,650
Married Filing Separately $12,950 $12,550 $12,400
Taxpayer Claimed as Dependent of another $1,150 $1,100 $1,100
 
Personal / Dependent Exemption - - -
 
Child Tax Credit     $2,000
Children under 6 $2,000  $3,600  
Children Ages 6-17 $2,000 $3,000  
 
Unearned Income Without Kiddie Tax $2,300 $2,200 $2,100
 
Gift and Estate Tax
Estate and Gift Tax Exclusion $11,060,000 $11,700,000 $11,580,000
Gift Tax Annual Exclusion $16,000 $15,000 $15,000
 
FICA Tax Maximum Earnings $147,000 $142,800 $137,700
 
Auto Standard Mileage Allowances
Business $0.585 $0.56 $0.575
Charity Work $0.14 $0.14 $0.14
Medical / Moving $0.18 $0.16 $0.18
 
Earnings Ceiling for Social Security
Below Full Retirement Age $19,560 $18,960 $18,240
Full Retirement Age Unlimited Unlimited Unlimited
 
Section 179 Deduction
Deduction $1,050,000 $1,050,000 $1,040,000
Maximum Equipment Purchases $2,620,000 $2,620,000 $2,590,000
 
Maximum 401(k) Deferral
Annual Deferral $20,500 $19,500 $19,500
Catch-up Contributions $6,500 $6,500 $6,500
 
Simple Plan Deferral
Annual Deferral $14,000 $13,500 $13,500
Catch-up Contributions $3,000 $3,000 $3,000
 
IRA Contributions
Annual Contribution Limit $6,000 $6,000 $6,000
Catch-up Contributions $1,000 $1,000 $1,000
 
Section 179 Deduction
Deduction $1,080,000    
Manimum Equipment Purchases $2,700,000