Key Rates and Figures
Some Key Rates for 2023 and 2024:
- Standard business mileage rate: 65.5 cents per mile for 2023
- Standard business mileage rate: 67 cents per mile for 2024
- 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 $17,000 for 2023
IRA Contributions
- $7,000 (regular, subject to limits) for 2024
- $6,500 (regular, subject to limits) for 2023
- $1,000 (additional catch-up, must be 50 or older by the end of the year)