2022 Social Security:
Maximum Taxable Wages $147,000
Medicare:
Maximum Taxable Salary: Unlimited
Do I need to file this year? (Click here for the filing requirements)
https://www.irs.gov/uac/do-i-need-to-file-a-tax-return
Want some help with determining the proper number of exemptions to claim on your W-4 for wage withholding?
(click the link for the IRS’s withholding calculator or call our office for assistance)
https://www.irs.gov/individuals/irs-withholding-calculator
Prior-year Safe Harbor for estimated taxes 110% of prior year tax
of higher-income:
Standard mileage rate for business driving 2022 = 62.5 -&- 2023 = 58.5 cents / mile
Unearned income maximum for children $2,200 (threshold, then sliding scale tax rate)
(Kiddie Tax applies 19 years and younger)
Maximum capital gains tax rate for taxpayers 0%
in the 10% - 15% bracket
Maximum capital gains tax rate for taxpayers 15-20%
above the 15% bracket (high income taxpayers)
Capital gains tax rate on collectibles 28%
2022 Traditional / Roth IRA Contribution limit $6,000 or
$7,000 (age 50+)
Maximum employee contribution to SIMPLE IRA 2022 $14,000
($17,000 age 50 or older)
Maximum employee contribution to SEP IRA 25% of compensation
up to $61,000 (2022)
401(k) Maximum employee contribution limit $20,500 = 2022 / $22,500 = 2023 (under 50)
$27,000 = 2022 / $ 30,000 = 2023 (above 50)
Self-employed health insurance deduction 100%
Federal Estate Tax 40% on Estate's excess
value of $12.06 million ($24.12 M married)
Annual Exclusion for Gifts $16,000 = 2022 / $17,000 = 2023
(per recipient / per year)
IRC Section 121 Capital Gains exclusion on up to $500,000 for married couples
of primary residence if house was lived in 24 ($250,000 single)
of the 60 months preceding sale date