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Annual Limits and Bank Holidays

Updated at November 29th, 2022

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The purpose of this article is to provide general information on annual IRS tax limits, regulated benefits and federal bank holidays.  


FICA

Tax

2022

2023

Social Security Maximum Taxable Earnings

$147,000

$160,200

Social Security Tax Rate

6.20%

6.20%

Medicare Tax Rate

1.45%

1.45%

Medical Additional Tax for wages over $200,000

0.90%

0.90%

 

401(k)

Defined Contribution Plans

2022

2023

401(k) Maximum employee elective deferral (age 49 or younger) 

$20,500

$22,500

401(k) Employee catch-up contribution (age 50 or older by year-end)

$6,500

$7,500

401(k) Maximum employee + employer contribution (age 49 or younger) 

$61,000

$66,000

401(k) Maximum employee + employer contribution (age 50 or older by year-end)

$67,500

$73,500

401(k) Compensation Thresholds



 



 

                   Highly Compensated 

$135,000

$150,000

                   Key Employees 

$200,000

$215,000

                   Maximum Compensation Limit 

$305,000

$330,000

Traditional and Roth IRA Contribution (under 50 years of age) 

$6,000

$6,500

Traditional and Roth IRA Catch up (over 50 years of age) 

$1,000

$1,000

Simple IRA Contribution (under 50 years of age) 

$14,000

$15,500

Simple IRA Catch Up (over 50 years of age) 

$3,000

$3,500

 

HSA and FSA

Plan Type

2022

2023

Health Savings Account



 



 

                   Individual (employee + employer)

$3,650

$3,850

                   Family (employee + employer)

$7,300

$7,750

                   Catch up for individuals over 55 years of age

$1,000

$1,000

Flexible Spending Account



 



 

                   Maximum salary deferral

$2,850

$3,050

                   Maximum rollover amount

$570

$610

Dependent Care



 



 

                   Maximum salary deferral (single taxpayers and married couples filing jointly)

$5,000

$5,000

                   Maximum salary deferral (married couples filing separately)

$2,500

$2,500

 

Commuter Transit and Parking Limits

Qualified Transportation Benefit (monthly limits)

2022

2023

Transit Passes and Van Pool Services (employee + employer)

$280

$300

Qualified Parking

$280

$300

 

Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) 

Maximum payments and reimbursements through QSEHRA

2022

2023

Self-only 

$5,450

$5,850

Family 

$11,050

$11,800

 

Bank Holidays (observed dates)

Holiday

2022

2023

New Year's Day

1/1/2022

1/2/2023

Martin Luther King Birthday

1/17/2022

1/16/2023

President’s Day

2/21/2022

2/20/2023

Memorial Day

5/30/2022

5/29/2023

Juneteenth

6/20/2022

6/19/2023

4th of July/Independence Day

7/4/2022

7/4/2023

Labor Day

9/5/2022

9/4/2023

Columbus Day

10/10/2022

10/9/2023

Veterans Day

11/11/2022

11/11/2023

Thanksgiving Day

11/24/2022

11/23/2023

Christmas Day

12/26/2022

12/25/2023

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