2021 Limits Flashcards
One Day rule for tax deposits
Minimum 100,000
Federal wage
Minimum $7.25
FUTA Taxable Base
Max $7000
SS Wage Base
max 142,800
SUTA Taxable Base
Minimum $7000
Health Care FSA
Maximum $2,750
457
Maximum $19,500
ER FICA
Maximum 6.2%
Non Taxable Life Insurance Employee
Maximum $50,000
Mileage
Max rate $0.56
FUTA Credit
Maximum 5.4%
403B
Maximum $19,500
Parking
Maximum $270/month
Child care FSA
$5000 Maximum
Employer Social Security Rate
Max 6.2%
Monthly Depositor
max: $50,000 or less
Amount or % for a garnishment
max: $217.50 or 25%
Backup withholding
Max: 24%
Effective FUTA Rate
Max 0.60%
Transit
Max: $270/month
Medicare Rate
max: 1.45%
Non-taxable Life Insurance Spouse
Max: $2000
401K
Max: $19,500
Semiweekly depositor
Minimum: more than $50,000
Tax % on Supplemental Wages
Max: 22% or 37%
% for Support Payments
Max: 50%/60% or 55%/65%
Amount per Exemption (yearly)
Max: $4,300
Simple Plan
Max: $13,500
Tip Credit
Max: $5.12
IRS Fuel Rate
max: .055
Non Job-Related Education
Max: $5,250.00
Employee Max Social Security Taxes Withheld
Max : $8,853.60
Bicycle Commuting
Not available 2018-2025, was $20/month
Per Diem High Cost
Max: $292/$71 for meals
Per Diem Low Cost
Max: $198/$60 for meals
Tax % on Supplemental Wages over 1,000,000
Max: 37%
Adoption Assistance per eligible child
Max: $14,440
Dependent Care Assistance Program
Max $5000
Catchup for 401k, 403b, 457
max additional $6,500
IRA
Max: $6000
Federal Wage for tipped employees
Minimum: $2.13
Federal wage for new hires under 20 for first 90 days
Minimum: $4.25
Catchup for a SIMPLE plan
Max: $3000
Employer Max Social Security Taxes Withheld
$8,853.60
IRA Catchup
Max: $1000
Full FUTA tax rate
Max: 6%
Commuting Valuation Method each way
Max: $1.50
Maximum Fair Market Value of a Car can not exceed when using the cents per mile
$51,100
To be classified as a tipped employee
Minimum $30/month
Tips reported to employer on form 4070
Minimum $20 or more per month
Reporting payments on 1099-MISC
Minimum: $600.00
Exempt employee’s weekly compensation
Minimum: $684.00
Exempt computer employee’s hourly rate
Minimum: $27.63
To be exempt under the highly compensated
Minimum: $100,000.00
Mileage for moving expenses (applies to military personnel only)
Max Rate: $0.170
Outside Sales Employees
No Salary Test
Annual Amount for Exempt
Minimum: $35,568.00
Foreign Earned Income Exclusion
Max: $108,700
Tax Free Loans to Employees
Max: $10,000
Qualified Service of Safety Awards
Max: $1600 and avg $400
AEIC
No Max
Deposit shortfall rule
Max: Greater of $100 or 2%
Small Employer Deposit
Max: $1000
Employee Social Security
Max Rate: 6.2%
