Tax Changes


  • The social security wage base limit has increased to $168,600. Based on this new amount, the maximum social security tax payable by each employee is $10,453.20 or 6.2% of the wage base.
  • No Wage limit to Medicare at 1.45%
  • 401K/403B/457 contribution limits increase to $23,000. Age 50 or older catchup contributions remain the same at $7,500.
  • Personal exemption allowances have been eliminated.

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