IRS Tax Rates and Limits
Detailed IRS Tax Tables - 2024/2025
| Qualified Retirement Plans Limits | 2024 | 2025 |
|---|---|---|
| Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) | $23,000 | $23,500 |
| 401(k) Age 50+ catch-up contribution | $7,500 | $7,500 |
| Maximum IRA contribution limit | $7,000 | $7,000 |
| IRA Age 50+ catch-up contribution | $1,000 | $1,000 |
| Maximum elective deferral to SIMPLE plan | $16,000 | $16,500 |
| SEP minimum compensation amount | $750 | $750 |
| Annual includible compensation limit | $345,000 | $350,000 |
| Defined contribution plan annual addition limit (415 limit) | $69,000 | $70,000 |
| Highly compensated employee compensation limit | $155,000 | $160,000 |
| Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) | $275,000 | $280,000 |
| Social Security | 2024 | 2025 |
|---|---|---|
| Maximum Compensation Subject to FICA Taxes: | ||
| OASDI (Social Security) maximum | $168,600 | $176,100 |
| HI (Medicare) maximum | No Limit | No Limit |
- OASDI Tax Rate: 12.4% Self-Employed, 6.2% Employees
- HI Tax Rate: 2.9% Self-Employed, 1.45% Employees
