Numbers to Remember for 2023

Social Security

• Wage Base- $160,200 – this is the amount of income that social security tax is required to be paid upon. This increased by almost 9% from 2022!

 

HSA Contribution Limits

• Single: $3,650
• Family: $7,300
• An additional $1,000 contribution can be made for each individual aged 55 or older.

 

IRA and Roth Contribution Limit

• $6,500
• An additional $1,000 “catch-up” contribution can be made for individuals age 50 and over

 

SIMPLE IRA Contribution Limit

• $15,500
• An additional $4,500 “catch-up” contribution can be made for individuals age 50 and over

 

401 (k) Contribution Limit

• $22,500
• An additional $7,500 “catch-up” contribution can be made for individuals age 50 and over

 

Annual Gift Tax Exclusion

• $17,000

 

Mileage Rates for 2023

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