Key Numbers for 2016 Business, Estate and Protection Planning

Here’s an overview of the latest relevant figures for business, estate and protection planning, courtesy of ForefieldClick here to download a printable version of this chart.

BUSINESS PLANNING 2014 2015 2016
Earnings subject to FICA taxes (taxable wage base):
  • Maximum annual earnings subject to Social Security taxes
$117,000 $118,500 $118,500
  • Social Security and Medicare combined tax rate
15.30% 15.30% 15.30%
Qualified transportation fringe benefits:
  • Commuter vehicles and transit pass monthly exclusion amount
$250 $250 $255
  • Qualified parking monthly exclusion amount
$250 $250 $255
  • Qualified bicycle commuting reimbursement fringe benefit (monthly amount)
$20 $20 $20
Standard mileage rate (per mile):
  • Use of auto for business purposes (cents per mile)
$0.560 $0.575 $0.540

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Here are the estate planning numbers:

Estate Planning 2014 2015 2016
Annual gift exclusion $14,000 $14,000 $14,000
Gift and estate tax basic exclusion amount: $5,340,000 $5,430,000 $5,450,000
Noncitizen spouse annual gift tax exclusion: $145,000 $147,000 $148,000

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Here are the protection planning numbers:

Protection Planning 2014 2015 2016
Per diem limit: periodic payments for qualified long-term care insurance/certain life insurance $330 $330 $340
Flexible spending account (FSA) for health care–maximum salary reduction contribution $2,500 $2,550 $2,550
Health savings accounts (HSAs)
  • Family Coverage
$6,550 $6,650 $6,750
  • Annual catch-up contribution limit for individuals age 55 or older
$1,000 $1,000 $1,000

Source: Broadridge, Forefield – http://www.forefield.com

 

 

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