Key Rates and Figures
Some Key Rates for 2019 and 2020:
- Standard business mileage rate: 57.5 cents per mile for 2020
- Standard business mileage rate: 58.0 cents per mile for 2019
- Federal minimum wage: $7.25 (effective July 24, 2009)
- For minimum wage rates by state click here
- Annual gift tax exclusion: $15,000 for 2019 and 2020
IRA Contributions
- $6,000 (regular, subject to limits) for 2019 and 2020
- $1,000 (additional catch-up, must be 50 or older by the end of the year)