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2019 Limits:                                                                                 

   

                                              

Pension Plans:

Compensation limits for 401(a)(17) pertaining to 401(k) plans: $280,000

Limitation under Section 402(g)(1)on exclusion for elective deferrals in Section 402(g)(3) which applies to 401(k) and 403(b)plans is $19,00

Limitation on deferrals under Section 457(e)(15) remains $19,000

Limitation under Section 408(p)(2)(E), SIMPLE plans, remains $13,000

Limitation on annual benefit under a defined benefit plan Section 415(b)(1)(A) is $225,000

Limitation for defined contribution plans under Section 415(c)(1)(A) is $56,000

Dollar limitation under Section 416(i)(1)(A)(i) for key employees in a top heavy plan is $180,000

Catch-Up deferral limit, SIMPLE plans, for age 50 and older, remains $3,000

Catch-Up deferral limit to other plans, for age 50 and older, including 401(k),403(b),457 plans,remains $6,000

Limitation used for HCEs under Section 414(q)(1)(B) remains $125,000

 

Qualified Transportation Plans: 

Monthly limit on value of qualified parking is $265

Monthly limit on value of transportation in a commuter highway vehicle and transit pass is $265

Standard Mileage Rate is .545 per mile for business use; .14 per mile for gratuitous services; .20 per mile for medical purposes

  

 

Annual Inflation Adjustments:

Limit on contributions to Flexible Spending Accounts is $2,700

Foreign earned income exclusion is $105,900

Adoption Assistance Programs exclusion for special needs child adoption is $14,080


Federal Limits:

Social Security Wage Base: $132,900

Social Security Tax Limit is $7,960

Social Security Tax Rate (ER) max is $8,239.80

Social Security Tax Rate (EE) max is $ 8,239.80

Medicare Wage Limit/Rate is unlimited/ (1.45%)

Supplemental Medicare Tax Rate is .9 % for wages over $200,000

FUTA Wage Base is $7,000; ER rate is 6%; max credit for state is 5.4%; Net FUTA rate is .60%

Annual deduction allowed $12,200


NJ Limits:

Base Week $ 172

Taxable Wage Base for (UI)(DI)(FLI) Wages is $34,400

Max SDI tax $232.20

Disability (DI) Employee Tax rate is .17 percent

Maximum UI Employee Tax rate is .003825

Unemployment Insurance Rate (UI)is .3825 percent

Family Leave Insurance Rate (FLI) is .09 percent up to wage base 34,400

Workforce Development Rate (WF) is .0425 percent

 

Maximum NJ Benefits: 

Worker's Comp Weekly Rate $921

Unemployment Insurance Weekly Rate $696

Temporary Disability Insurance Weekly rate $650


 APA Compliance Update Read More


 Social Security online account - create and follow your earnings to retirement ! 

 

 Social Security has released FREE software to check W2 and W2c reports for accuracy by sending forms to the agency prior to filing to reduce errors.

 www.socialsecurity.gov/employer/software.htm

 

  Links:

  2019 W4 Form

 Department of Labor
 National Payrolll Week
 Paycheck Calculators
 Internal Revenue Service
 American Payroll Association
 Social Security Administration
 IRS Electronic Federal Tax Payment System
 NJ Division of Taxation

 Guide to Electronic Payments

 

 

  IRS New Release: taxpayers receiving identity verification letters 

  IRS scam letters hitting the mail once again

 

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