Annual Limits and Bank Holidays
The purpose of this article is to provide general information on annual IRS tax limits, regulated benefits and federal bank holidays. If the item is listed as $TBD for 2027, this means the agency has not yet released firm figures for the year. This list will be updated as additional information for 2027 becomes available.
FICA
Tax |
2025 |
2026 |
2027 |
| Social Security Maximum Taxable Earnings | $176,100 |
$184,500 |
$TBD |
| Social Security Tax Rate | 6.20% |
6.20% |
6.20% |
| Medicare Tax Rate | 1.45% |
1.45% |
1.45% |
| Medical Additional Tax for wages over $200,000 | 0.90% |
0.90% |
0.90% |
401(k)
Defined Contribution Plans |
2025 |
2026 |
2027 |
| 401(k) Maximum employee elective deferral (age 49 or younger) | $23,500 |
$24,500 |
$TBD |
| 401(k) Employee catch-up contribution (age 50 - 59 or 64+ by year-end) | $7,500 |
$8,000 |
$TBD |
| 401(k) Employee catch-up contribution (age 60 - 63 by year-end) | $11,250 |
$11,250 |
$TBD |
| 401(k) Maximum employee + employer contribution (age 49 or younger) | $70,000 |
$72,000 |
$TBD |
| 401(k) Maximum employee + employer contribution (age 50 -59 or 64+ by year-end) | $77,500 |
$80,000 |
$TBD |
| 401(k) Maximum employee + employer contribution (age 60 - 63 by year-end) | $81,250 |
$83,250 |
$TBD |
| 401(k) Compensation Thresholds |
|
|
|
| Highly Compensated | $160,000 |
$160,000 |
$TBD |
| Key Employees | $230,000 |
$235,000 |
$TBD |
| Maximum Compensation Limit | $350,000 |
$360,000 |
$TBD |
| Traditional and Roth IRA Contribution (under 50 years of age) | $7,000 |
$7,500 |
$TBD |
| Traditional and Roth IRA Catch up (over 50 years of age) | $1,000 |
$1,100 |
$TBD |
| Simple IRA Contribution (under 50 years of age) | $16,500 |
$17,000 |
$TBD |
| Simple IRA Catch Up (over 50 years of age) | $3,500 |
$4,5000 |
$TBD |
HSA and FSA
Plan Type |
2025 |
2026 |
2027 |
| Health Savings Account |
|
||
| Individual (employee + employer) | $4,300 |
$4,400 |
$4,500 |
| Family (employee + employer) | $8,550 |
$8,750 |
$9,000 |
| Catch up for individuals over 55 years of age | $1,000 |
$1,000 |
$1,000 |
| Flexible Spending Account |
|
|
|
| Maximum salary deferral | $3,300 |
$3,400 |
$3,400 |
| Maximum rollover amount | $660 |
$680 |
$680 |
| Dependent Care |
|
|
|
| Maximum salary deferral (single taxpayers and married couples filing jointly) | $5,000 |
$7,500 |
$7,500 |
| Maximum salary deferral (married couples filing separately) | $2,500 |
$3,750 |
$3,750 |
Commuter Transit and Parking Limits
Qualified Transportation Benefit (monthly limits) |
2025 |
2026 |
2027 |
Transit Passes and Van Pool Services (employee + employer) |
$325 |
$340 |
$TBD |
Qualified Parking |
$325 |
$340 |
$TBD |
Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
Maximum payments and reimbursements through QSEHRA |
2025 |
2026 |
2027 |
| Self-only | $6,350 |
$6,450 |
$TBD |
| Family | $12,800 |
$13,100 |
$TBD |
Bank Holidays (observed dates)
Holiday |
2025 |
2026 |
2027 |
New Year's Day |
01/1/2025 |
01/1/2026 |
1/1/2027 |
Martin Luther King Birthday |
1/20/2025 |
1/19/2026 |
1/18/2027 |
President’s Day |
2/17/2025 |
2/16/2026 |
2/15/2027 |
Memorial Day |
5/26/2025 |
5/25/2026 |
5/31/2027 |
Juneteenth |
6/19/2025 |
6/19/2026 |
N/A* |
4th of July/Independence Day |
7/4/2025 |
7/4/2026 |
7/5/2027 |
Labor Day |
9/1/2025 |
9/7/2026 |
9/6/2027 |
Columbus Day |
10/13/2025 |
10/12/2026 |
10/11/2027 |
Veterans Day |
11/11/2025 |
11/11/2026 |
11/11/2027 |
Thanksgiving Day |
11/27/2025 |
11/26/2026 |
11/25/2027 |
Christmas Day |
12/25/2025 |
12/25/2026 |
N/A* |
* These holidays fall on a Saturday; the Federal Reserve Banks are open, but the Board of Governors is closed on June 18, 2027, and December 24, 2027.