Social Security

• Wage Base – $168,600 – this is the amount of income that social security tax is required to be paid upon. This increased by 5% from 2023.

HSA Contribution Limits

• Single: $4,150
• Family: $8,300
• An additional $1,000 contribution can be made for each individual aged 55 or older.

IRA and Roth Contribution Limit

• $7,000
• An additional $1,000 “catch-up” contribution can be made for individuals aged 50 or over.

401(K) Contribution Limit

• $23,000
• An additional $7,500 “catch-up” contribution can be made for individuals aged 50 or over.

Annual Gift Tax Exclusion

• $18,000

Mileage Rates for 2024

• 67 cents/mile – standard mileage rate for business use of an automobile
• 21 cents/mile – standard mileage rate for medical
• 14 cents/mile – standard mileage rate for miles driven for charitable purposes