- The social security wage base limit has increased to $147,000. Based on this new amount, the maximum social security tax payable by each employee is $9,114, or 6.2% of the wage base.
- No Wage limit to Medicare at 1.45%
- 401K/403B/457 contribution limits increase to $20,500. Age 50 or older catchup contributions remain the same at $6,500.
- Personal exemption allowances have been eliminated.
- Refer to IRS Publication 5307 [PDF].