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LivingStone Wealth Planning

T. Spencer Metcalf, MBA, CFP®
President
104 Whitsett Street
Greenville, SC 29601
864-520-8000
spencer@livingstonewealth.com
www.livingstonewealth.com

T. Spencer Metcalf's Profile Picture

July 26, 2018

2018 Key Numbers
 

Business Planning

Adoption Assistance Programs

Adoption assistance20242025
Maximum amount that can be excluded from employee's gross income$16,810$17,280
Phaseout threshold amount$252,150$259,190
Completed phaseout amount after$292,150$299,190

Earnings subject to FICA taxes (taxable wage base)

FICA tax20242025
Maximum annual earnings subject to Social Security taxes$168,600$176,100
Social Security and Medicare combined tax rate15.30%115.30%1
OASDI portion (Social Security)12.40%12.40%
Hospital Insurance portion (Medicare)2.90%12.90%1

1 An additional Medicare (HI) employee contribution rate of 0.9% (for a total employee contribution of 2.35%, and a total combined Medicare contribution rate of 3.8%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). For married individuals filing joint returns, the additional 0.9% tax applies to the couples combined wages (to the extent the combined wages exceed $250,000).

Health insurance deduction for self-employed

Health insurance premiums20242025
Deduction for health insurance premiums paid by self-employed persons100%100%

Qualified transportation fringe benefits

Qualified transportation fringe benefits20242025
Commuter vehicles and transit pass monthly exclusion amount$315$325
Qualified parking monthly exclusion amount$315$325
Qualified bicycle commuting reimbursement fringe benefit (monthly amount)N/AN/A

Section 179 expensing

Section 179 expensing 20242025
Maximum amount that may be deducted under IRC Section 179$1,220,000$1,250,000
Deduction reduced by the amount by which the cost of §179 property placed in service during the year exceeds this amount$3,050,000 $3,130,000

Small business tax credit for providing health-care coverage

Amount of credit20242025
Maximum credit percentage50%50%
Partial credit20242025
Number of full-time equivalent employees (FTEs) fewer than:2525
Maximum average annual wages less than:$64,800$66,600
Full credit20242025
Number of full-time equivalent employees (FTEs) no more than:1010
Maximum average annual wages less than or equal to:$32,400$33,300

Special additional first-year depreciation allowance

Bonus depreciation20242025
"Bonus" depreciation for qualified property acquired and placed in service during specified time periods60%40%

Standard mileage rate (per mile)

Business use of auto20242025
Use of auto for business purposes$0.670.70
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Cetera Wealth Partners is a region of Cetera Advisor Networks. Registered representative offering securities and advisory services through Cetera Advisor Networks LLC., member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser.  Cetera is under separate ownership from any other named entity.  


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