Key Rates and Figures

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Some Key Rates for 2020 and 2021:

• Standard business mileage rate: 56.0 cents per mile for 2021
• Standard business mileage rate: 57.5 cents per mile for 2020
• Federal minimum wage: $7.25 (effective July 24, 2009)
• For minimum wage rates by state click here
• Annual gift tax exclusion: $15,000 for 2020 and 2021

IRA Contributions

• $6,000 (regular, subject to limits) for 2020 and 2021
• ​$1,000 (additional catch-up, must be 50 or older by the end of the year)