Fast-Answer Tax Info

 

Important rates for 2026

Social Security wage limit is $184,500

Rate for employees:  6.2%

Rate for employers:   6.2

Medicare rate for both:  1.45% 

 

Mileage rates

Business   - 72.5
Medical    - 20.5
Charitable - 14 cents
 

Contribution Limits- Retirement Plan

Traditional IRA

Under age 50 $7,400

Age 50 and above $8,600

​

Simple IRA

Under age 50 $17,000

Age 50 and above $21,000

Age 60-63 $22,250

 

401(k)

Under age 50 $24,500

Age 50 and above  $32,500

Age 60-63 $32,750

 

Annual Exclusion for Gifts

2026 - $19,000