Public Announcements
Georgia
Effective 1-1-21, creditor garnishments will continue for 1,095 days (currently 179 days). The maximum amount that can be garnished for private student loan debts will be 15% of the employee’s weekly disposable income. The employer is required to comply with the 15% maximum, rather than the usual 25% maximum for other creditor garnishments, only if the summons of garnishment or court order in the pending garnishment conspicuously states that it is based on private student loan debt.
Georiga extends tax filing deadline to July 15thGeoriga extends tax filing deadline to July 15th
COVID-19
Presidential Memorandums on Deferring Employee Social Security Tax and Student Loan Relief Extension
IRS Releases Revised Form 941 for COVID-19 Related Tax Relief
The U.S. Department of Education (ED) has announced relief for student loan borrowers in light of the COVID-19 national emergency [News Release, 3-25-20].
Coronavirus-related paid leave for workers and tax credits for small and midsize businesses
American Payroll Association's Hot Topic COVID-19 page
2020 IRS LIMIT ANNOUNCEMENTS:
SOCIAL SECURITY LIMIT: $137,700
401K MAXIMUM: $19,500 - Total Comp = $285,000
401K CATCH-UP: $6,500 for a total of $26,000
BUSINESS MILEAGE: 57.5 cents
MOVING/MEDICAL: 17 cents
CHARITABLE: 14 cents
HEALTH SAVINGS ACCOUNT: $3,550 FOR INDIVIDUAL AND $7,100 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $2,750
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS
TRANSIT PASSES: $270 PER MONTH
TRANSIT PARKING: $270 PER MONTH
ADOPTION ASSISTANCE: $14,300
2021 IRS LIMIT ANNOUNCEMENTS:
SOCIAL SECURITY LIMIT: $142,800
401K MAXIMUM: $19,500 - Total Comp = $285,000
401K CATCH-UP: $6,500 for a total of $26,000
BUSINESS MILEAGE: 56 cents
MOVING/MEDICAL: 16 cents
CHARITABLE: 14 cents
HEALTH SAVINGS ACCOUNT: $3,600 FOR INDIVIDUAL AND $7,150 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $2,750
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS
TRANSIT PASSES: $270 PER MONTH
TRANSIT PARKING: $270 PER MONTH
ADOPTION ASSISTANCE: $14,440
