Annual Limits and Bank Holidays
Updated at November 18th, 2024
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 |
2024 |
Social Security Maximum Taxable Earnings |
$147,000 |
$160,200 |
$168,600 |
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 |
2022 |
2023 |
2024 |
401(k) Maximum employee elective deferral (age 49 or younger) |
$20,500 |
$22,500 |
$23,000 |
401(k) Employee catch-up contribution (age 50 or older by year-end) |
$6,500 |
$7,500 |
$7,500 |
401(k) Maximum employee + employer contribution (age 49 or younger) |
$61,000 |
$66,000 |
$69,000 |
401(k) Maximum employee + employer contribution (age 50 or older by year-end) |
$67,500 |
$73,500 |
$76,500 |
401(k) Compensation Thresholds |
|
|
|
Highly Compensated |
$135,000 |
$150,000 |
$155,000 |
Key Employees |
$200,000 |
$215,000 |
$220,000 |
Maximum Compensation Limit |
$305,000 |
$330,000 |
$345,000 |
Traditional and Roth IRA Contribution (under 50 years of age) |
$6,000 |
$6,500 |
$7,000 |
Traditional and Roth IRA Catch up (over 50 years of age) |
$1,000 |
$1,000 |
$1,000 |
Simple IRA Contribution (under 50 years of age) |
$14,000 |
$15,500 |
$16,000 |
Simple IRA Catch Up (over 50 years of age) |
$3,000 |
$3,500 |
$3,500 |
HSA and FSA
Plan Type |
2022 |
2023 |
2024 |
Health Savings Account |
|
|
|
Individual (employee + employer) |
$3,650 |
$3,850 |
$4,150 |
Family (employee + employer) |
$7,300 |
$7,750 |
$8,300 |
Catch up for individuals over 55 years of age |
$1,000 |
$1,000 |
$1,000 |
Flexible Spending Account |
|
|
|
Maximum salary deferral |
$2,850 |
$3,050 |
$3,200 |
Maximum rollover amount |
$570 |
$610 |
$640 |
Dependent Care |
|
|
|
Maximum salary deferral (single taxpayers and married couples filing jointly) |
$5,000 |
$5,000 |
$5,000 |
Maximum salary deferral (married couples filing separately) |
$2,500 |
$2,500 |
$2,500 |
Commuter Transit and Parking Limits
Qualified Transportation Benefit (monthly limits) |
2022 |
2023 |
2024 |
Transit Passes and Van Pool Services (employee + employer) |
$280 |
$300 |
$315 |
Qualified Parking |
$280 |
$300 |
$315 |
Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs)
Maximum payments and reimbursements through QSEHRA |
2022 |
2023 |
2024 |
Self-only |
$5,450 |
$5,850 |
$6,150 |
Family |
$11,050 |
$11,800 |
$12,450 |
Bank Holidays (observed dates)
Holiday |
2022 |
2023 |
2024 |
New Year's Day |
1/1/2022 |
1/2/2023 |
01/1/2024 |
Martin Luther King Birthday |
1/17/2022 |
1/16/2023 |
1/15/2024 |
President’s Day |
2/21/2022 |
2/20/2023 |
2/19/2024 |
Memorial Day |
5/30/2022 |
5/29/2023 |
5/27/2024 |
Juneteenth |
6/20/2022 |
6/19/2023 |
6/19/2024 |
4th of July/Independence Day |
7/4/2022 |
7/4/2023 |
7/4/2024 |
Labor Day |
9/5/2022 |
9/4/2023 |
9/2/2024 |
Columbus Day |
10/10/2022 |
10/9/2023 |
10/14/2024 |
Veterans Day |
11/11/2022 |
11/11/2023 |
11/11/2024 |
Thanksgiving Day |
11/24/2022 |
11/23/2023 |
11/28/2024 |
Christmas Day |
12/26/2022 |
12/25/2023 |
12/25/2024 |