Honu Wealth Management Garth A Williams, MBA, CFP® Financial Advisor 1307 S Mary Ave, Suite 101 Sunnyvale, CA 94087 650-917-3400 garth@honuwealth.com www.HonuWealth.com
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2024 Key Numbers
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Adoption Assistance Programs
Adoption assistance | 2023 | 2024 |
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Maximum amount that can be excluded
from employee's gross income | $15,590 | $16,810 | Phaseout threshold
amount | $239,230 | $252,150 | Completed phaseout amount
after | $279,230 | $292,150 |
Earnings subject to FICA taxes (taxable wage base)
FICA tax | 2023 | 2024 |
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Maximum annual earnings subject to
Social Security taxes | $160,200
| $168,600
| Social Security and Medicare combined
tax rate | 15.30%1 | 15.30%1 | OASDI portion (Social
Security) | 12.40% | 12.40% | Hospital Insurance portion
(Medicare) | 2.90%1 | 2.90%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 premiums | 2023 | 2024 |
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Deduction for health insurance
premiums paid by self-employed persons | 100% | 100% |
Qualified transportation fringe benefits
Qualified transportation fringe benefits | 2023 | 2024 |
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Commuter vehicles and transit pass
monthly exclusion amount | $300 | $315 | Qualified parking monthly exclusion
amount | $300 | $315 | Qualified bicycle commuting
reimbursement fringe benefit (monthly amount) | N/A | N/A |
Section 179 expensing
Section 179 expensing
| 2023 | 2024 |
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Maximum amount that may be deducted
under IRC Section 179 | $1,160,000 | $1,220,000 | Deduction reduced by the amount by
which the cost of §179 property placed in service during the year exceeds this
amount | $2,890,000 | $3,050,000 |
Small business tax credit for providing health-care
coverage
Amount of credit | 2023 | 2024 |
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Maximum credit
percentage | 50% | 50% |
Partial credit | 2023 | 2024 |
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Number of full-time equivalent
employees (FTEs) fewer than: | 25 | 25 | Maximum average annual wages less
than: | $61,400 | $64,800 |
Full credit | 2023 | 2024 |
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Number of full-time equivalent
employees (FTEs) no more than: | 10 | 10 | Maximum average annual wages less
than or equal to: | $30,700 | $32,400 |
Special additional first-year depreciation allowance
Bonus depreciation | 2023 | 2024 |
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"Bonus" depreciation for qualified
property acquired and placed in service during specified time
periods | 80% | 60% |
Standard mileage rate (per
mile) Business use of auto | 2023 | 2024 |
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Use of auto for business
purposes | $0.655 | $0.67 |
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This information was developed by Forefield, Inc. an independent third party. It is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.
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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2024. |
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