2019 Tax Changes

 

•  The social security wage base limit has increased from $128,400 to $132,900. Based on this new amount, the maximum   social security tax payable by each employee is $8,239.80, or 6.2% of the wage base.
• No Wage limit to Medicare at 1.45%
• 401K/403B/457 contribution limits increase to $19,000.  Age 50 or older catchup contributions remain the same at $6,000.
• Personal exemption allowances have been eliminated.
• Refer to IRS Publication 5307.    https://www.irs.gov/pub/irs-pdf/p5307.pdf