Key Rates and Figures
Some Key Rates for 2021 and 2022:
- Standard business mileage rate: 58.5 cents per mile for 2022
- Standard business mileage rate: 56.0 cents per mile for 2021
- Federal minimum wage: $7.25 (effective July 24, 2009)
- For minimum wage rates by state click here
- Annual gift tax exclusion: $16,000 for 2022 and $15,000 for 2021
IRA Contributions
- $6,000 (regular, subject to limits) for 2021 and 2022
- $1,000 (additional catch-up, must be 50 or older by the end of the year)