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Frequently Asked Facts:
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Maximum IRA Contribution |
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|
$6,000 ($7,000 for 50 or older) |
| 401(k) Contribution Limits |
| |
2020 |
$19,500 ($26,000 for 50 or older) |
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2019 |
$19,000 ($25,000 for 50 or older) |
| Business Mileage Rates |
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2020
|
57.5 cents/mile, .18 medical, .14 charitable |
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2019
|
58 cents/mile, .18 medical, .14 charitable |
| Annual Gift Allowed |
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|
$15,000 |
| HSA Contributions (high deductible insurance plans) |
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2020 |
Single-$3,550 Family-$7,100 55+ extra $1,000 |
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2019 |
Single-$3,500 Family-$7,000 55+ extra $1,000 |
| California SDI Wage Base |
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2020 |
$122,909 at 1.0% - max $1,229.09 |
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2019 |
$118,371 at 1,0% - max $1,183.71 |
| Social Security (SSI) Wage Base |
| |
2020
2019 |
$137,700
$132,900 |
| Maximum Earnings for Social Security Recipients |
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2020 |
$18,240 |
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2019 |
$17,640 |
| Social Security (SSI) Increase for 2019 |
| |
2020 |
1.6% COLA (Cost of Living Adjustment) |
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2019 |
2.8% COLA (Cost of Living Adjustment) |
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