The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation.
| Social Security/ Medicare | 2019 | 2018 |
| Social Security Tax Wage Base | $132,900 | $128,400 |
| Medicare Tax Wage Base | No limit | No limit |
| Employee portion of Social Security | 6.2% | 6.2% |
| Employee portion of Medicare | 1.45% | 1.45% |
| Individual Retirement Accounts | 2019 | 2018 |
| Roth IRA Individual, up to 100% of earned income | $ 6,000 | $ 5,500 |
| Traditional IRA Individual, up to 100% of earned Income | $ 6,000 | $ 5,500 |
| Roth and traditional IRA additional annual “catch-up” contributions for account owners age 50 and older | $ 1,000 | $ 1,000 |
| Qualified Plan Limits | 2019 | 2018 |
| Defined Contribution Plan limit on additions on Sections 415(c)(1)(A) | $ 56,000 | $ 55,000 |
| Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)) | $225,000 | $220,000 |
| Maximum compensation used to determine contributions | $280,000 | $275,000 |
| 401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) | $ 19,000 | $ 18,500 |
| 401(k), 403(b), 457 & SARSEP additional “catch-up” contributions for employees age 50 and older | $ 6,000 | $ 6,000 |
| SIMPLE deferrals (Section 408(p)(2)(A)) | $ 13,000 | $ 12,500 |
| SIMPLE additional “catch-up” contributions for employees age 50 and older | $ 3,000 | $ 3,000 |
| Compensation defining highly compensated employee (Section 414(q)(1)(B)) | $125,000 | $120,000 |
| Compensation defining key employee (officer) | $180,000 | $175,000 |
| Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c)) | $ 600 | $ 600 |
| Driving Deductions | 2019 | 2018 |
| Business mileage, per mile | 58 cents | 54.5 cents |
| Charitable mileage, per mile | 14 cents | 14 cents |
| Medical and moving, per mile | 20 cents | 18 cents |
| Business Equipment | 2019 | 2018 |
| Maximum Section 179 deduction | $1,020,000 | $1,000,000 |
| Phase out for Section 179 | $2.55 million | $2.5 million |
| Transportation Fringe Benefit Exclusion | 2019 | 2018 |
| Monthly commuter highway vehicle and transit pass | $ 265 | $ 260 |
| Monthly qualified parking | $ 265 | $ 260 |
| Standard Deduction | 2019 | 2018 |
| Married filing jointly | $24,400 | $24,000 |
| Single (and married filing separately) | $12,200 | $12,000 |
| Heads of Household | $18,350 | $18,000 |
| Domestic Employees | 2019 | 2018 |
| Threshold when a domestic employer must withhold and pay FICA for babysitters, house cleaners, etc. | $ 2,100 | $ 2,100 |
| Kiddie Tax | 2019 | 2018 |
| Net unearned income not subject to the “Kiddie Tax” | $ 2,200 | $ 2,100 |
| Estate Tax | 2019 | 2018 |
| Federal estate tax exemption | $11.4 million | $11.18 million |
| Maximum estate tax rate | 40% | 40% |
| Annual Gift Exclusion | 2019 | 2018 |
| Amount you can give each recipient | $15,000 | $15,000 |
