IRS Tax Rates and Limits
Detailed IRS Tax Tables - 2022/2023
| Qualified Retirement Plans Limits | 2022 | 2023 |
|---|---|---|
| Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) | $20,500 | $22,500 |
| 401(k) Age 50+ catch-up contribution | $6,500 | $7,500 |
| Maximum IRA contribution limit | $6,000 | $6,500 |
| IRA Age 50+ catch-up contribution | $1,000 | $1,000 |
| Maximum elective deferral to SIMPLE plan | $14,000 | $15,500 |
| SEP minimum compensation amount | $650 | $750 |
| Annual includible compensation limit | $305,000 | $330,000 |
| Defined contribution plan annual addition limit (415 limit) | $61,000 | $66,000 |
| Highly compensated employee compensation limit | $135,000 | $150,000 |
| Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) | $245,000 | $265,000 |
| Social Security | 2022 | 2023 |
|---|---|---|
| Maximum Compensation Subject to FICA Taxes: | ||
| OASDI (Social Security) maximum | $147,800 | $160,200 |
| 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
