Key Rates and Figures
Some Key Rates for 2024 and 2025:
- Standard business mileage rate: 67 cents per mile for 2024
- Standard business mileage rate: 70 cents per mile for 2025
- Federal minimum wage: $7.25 (effective July 24, 2009)
- For minimum wage rates by state click here
- Annual gift tax exclusion: $18,000 for 2024 and $19,000 for 2025
IRA Contributions
- $7,000 (regular, subject to limits) for 2024 & 2025
- $1,000 (additional catch-up, must be 50 or older by the end of the year)