15 Dec 2022 Rates and Limits
Our team at Payroll Plus HCM is honored to partner with you again in 2022. Please note the following important information for the upcoming year. We look forward to serving you as your company grows!
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2022 Rates and Limits PPHCM
2022 Federal Tax Rates and Limits
| Tax | Employee Rate | Employer Rate | Limit |
| Social Security | 6.2% | 6.2% | $147,000 |
| Medicare | 1.45% | 1.45% | No limit |
| Additional Medicare | .9% | 0.00% | Begins once employee reaches over $200,000 in taxable Medicare wages |
| FUTA | 0.00% | .6% | $7,000 |
Retirement Plan Limits
| Retirement Plan | Maximum Deferral | Catch-up Limit (over 50 years old) | Eligible Wage Limit |
| 401(k), 403(b), and
SARSEP |
$20,500 | $6,500 | $305,000 |
| 457 | $20,500 | $6,500 | $305,000 |
| Simple | $14,000 | $3,000 | $305,000 |
| Defined Benefit Plan (SEPIRA) | $61,000 | $0.00 | $245,000 |
Benefit Plan Limits
| Benefit Plan | Limit (Employee & Employer combined) | Catch-up Limit (over 55 years old) |
| Health Saving Account (HSA) – Self | $3,650 | $1,000 |
| Health Saving Account (HSA) – Family | $7,300 | $1,000 |
| Flexible Spending Account (FSA) – Health | $2,850 | $0.00 |
| Flexible Spending Account (FSA) – Dependent Care | $5,000 | $0.00 |