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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