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