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Tuesday, November 13, 2018

2019 Pension and Social Security Limits

Social Security  
Cost of Living Increase 2.8%
FICA Wage Limit: $132,900
Earnings Limit if drawing before age 66 $ 17,640
   
2019 IRA  
Traditional & Roth IRA Limit $ 6,000
Over age 49 catch up $ 1,000
   
2019 SEP  
Maximum Contribution $ 56,000
Over age 49 catch up $ 0
   
2019 SIMPLE  
Maximum deferral $ 13,000
Over age 49 catch up $ 3,000
   
2019 401-K/403-B/457  
Maximum deferral $ 19,000
Over age 49 catch up $ 6,000
Maximum contribution all sources $ 56,000 (plus catch up)
   
2019 Defined Benefit Plan Limit $225,000


 

 

MISSOURI

 Missouri DOR

In March 2018, the Missouri Department of Revenue made adjustments to the employer withholding tables following changes made to the federal tables.

The Department has continued to monitor the changes and has identified the need to make a subsequent adjustment to the withholding tables and calculations.

The Department has adjusted the withholding tables, the Missouri Employer's Tax Guide, Form 4282 and the withholding calculator instructions, which are all located on our website at: dor.mo.gov/business/withhold/.

Employees should be encouraged to review their federal and state withholdings to ensure the appropriate amount is withheld and complete a new MO-W4 if changes are needed. They may also submit estimated tax payments with the 2018 Declaration of Estimated Tax for Individuals, Form MO-1040ES.

The Director of Revenue's press release on this matter may be found at: dor.mo.gov/news/archive/year/2018/.

 

10 Things You Must Know About Social Security

By Rachel L. Sheedy, Editor | Updated for 2018

For many Americans, Social Security benefits are the bedrock of retirement income. Maximizing that stream of income is critical to funding your retirement dreams. ...More>>

 

Meals continue to be deductible under new IRS guidance

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By Sally P. Schreiber, J.D.
October 3, 2018

The IRS on Wednesday issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274 made by the tax law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97 (Notice 2018-76). ...More>>