Tax and Retirement Plan Limits

  2015 2016 2017
Maximum FICA Tax earnings (6.20%) $118,500 $118,500 $127,200
Maximum Medicare Tax earnings (1.45%) Unlimited Unlimited Unlimited
Extra Medicare Tax earnings above (0.9%) $250,000 $250,000 $250,00
Social Security Earnings Limit (62 & full retirement age) $15,720 $15,720 $16,920
       
Federal Estate Tax Exemption $5,430,000 $5,450,000 $5,490,000
Gift Tax Exemption $14,000 $14,000 $14,000
       
IRS Auto Mileage Rates 57.5¢ 54¢ 53.5¢
       
IRA Deposits - Regular $5,500 $5,500 $5,500
IRS Deposits - Age 50+ $6,500 $6,500 $6,500
401(k)/401(b) Deferral Deposits - Regular $18,000 $18,000 $18,000
401(k)/401(b) Deferral Deposits - Age 50+ $24,000 $24,000 $24,000
Maximum Deposit to Retirement Plan - Regular $53,000 $53,000 $54,000
Maximum Deposit to Retirement Plan - Age 50+ $59,000 $59,000 $60,000
Earnings Limit for Retirement Plan $265,000 $265,000 $270,000
       
College Savings:      
Coverdell Education Savings Accounts $2,000 $2,000 $2,000
529 Plans:      
IL Bright Start (Per taxpayer deduction) $10,000 $10,000 $10,000
WI Edvest Deduction Limit (Per child) $3,100 $3,100 $3,100
Overall Gift Limit - Regular $14,000 $14,000 $14,000
Overall Gift Limit - Prepaid for 5 years $70,000 $70,000 $70,000
       
HSA Deposits:      
Self Only $3,350 $3,350 $3,400
Family $6,650 $6,750 $6,750
Extra Catchup Age 55+ $1,000 $1,000 $1,000