Tax Updates

Minimum Wages

 1/1/2023 1/1/2022 1/1/20211/1/20201/1/2019
California (< 26 Employees / > 25 Employees)
Campbell
Foster City
Gilroy
Hollister
Irvine
Pleasanton
Salinas
San Ramon
Santa Cruz
$15.50$14.00 / $15.00 $13.00/$14.00$12.00/$13.00$11.00 / $12.00
 AlamedaEffective 7/1/23 TBD
Effective 7/1/22
$15.75
Effective 7/1/21 $15.00
Effective 7/1/20  $15.00
Effective 7/1/19  $13.50
 Cupertino$17.20$16.40$15.65$15.35$15.00
 Daly City$16.07$15.53$15.00$13.75
Effective 2/13/19
$12.00
 El Cerrito$17.35$16.37$15.61$15.37$15.00
 FremontEffective 7/1/23
TBD
Effective 7/1/22
$16.00
Effective 7/1/21 $15.00 / $15.25
Effective 7/1/20
$13.50 / $15.00
Effective 7/1/19
$11.00 / $13.50
 Hayward$15.50 / $16.34 $14.52 / $15.56$15.00State Rate State Rate 
 Los Altos$17.20$16.40$15.65$15.40$15.00
 Los AngelesEffective 7/1/23
TBD
Effective 7/1/22
$16.04
Effective 7/1/21 $15.00Effective 7/1/20 $14.25 / $15.00Effective 7/1/19 $13.25 / $14.25
 Menlo Park$16.20 $15.75$15.25 $15.00 State Rate
 MilpitasEffective 7/1/23
TBD
Effective 7/1/22
$16.40
Effective 7/1/21 $15.65
Effective 7/1/20
$15.40
Effective 7/1/19
$15.00
 Mountain View$18.15$17.10$16.30$16.05$15.65
 Oakland$15.97$15.06$14.36$14.14$13.80
 Palo Alto$17.25$16.45$15.65$15.40$15.00
 Petaluma$17.06$15.85$15.00 / $15.20$14.00 / $15.00$11.00 / $12.00
 Redwood City$17.00$16.20 $15.62$15.38$13.50
 RichmondTBD$15.54 $15.21$15.00$15.00
 San Carlos$16.32$15.77$15.24 State RateState Rate
 San Diego$16.30$15.00$14.00$13.00$12.00
 San Jose$17.00$16.20 $15.45$15.25$15.00
 San Mateo$16.75$16.20$15.62$15.38$15.00
 Santa Clara$17.20$16.40$15.65$15.40$15.00
 Scotts Valley    $17.00$15.00$14.00
$13.00$12.00
 Santa Rosa$17.06$15.85$15.20 $14.00 / $15.00 
 Sonoma$16.00 / $17.00$15.00 / $16.00 $14.00 / $15.00$12.50 / $13.50$11.00 / $12.00
 South San Francisco$16.70$15.80$15.24$15.00$12.00
 Sunnyvale$17.95$17.10$16.30$16.05$15.65

Standard Mileage Rate (Rates in cents per mile)
  1/1/2023 7/1/20221/1/2022 2021 2020 2019 2018 2017 2016 2015 20142013 
 Business
 65.5 62.5 58.5 56 57.5 58 54.5 53.5 5457.5
 56 56.5
 Charitable 14 14 14 14 14 14 14 14 14 14 14 14
 Medical and moving 22 22 18 16 17 20 18 17 19 23 23.5 24

Retirement Contribution Limitations

  20232022 2021 2020 2019 2018 2017 20162015 
2014 
 2013
 Traditional / Roth IRA
 $6,500 $6,000 $6,000 $6,000 $6,000 $5,500 $5,500  $5,500 $5,500 $5,500
 $5,500
 Traditional / Roth IRA (Catch Up)
   1,500 1,000 1,000 1,000 1,000 1,000 1,000  1,000  1,000 1,000 1,000
 401K / 403(b) 22,500 20,500 19,500 19,500 19,000 18,500 18,000 18,000 18,000 17,500 17,500
 401K (Catch Up)
    7,500 6,500 6,500 6,500 6,000 6,000 6,000 6,000 6,000 5,500 5,500
 SEP IRA / Defined Contribution Plans  66,000 61,000 58,000 57,000 56,000 55,000 54,000 53,000 53,000 52,000 51,000
 Defined Contribution Plans (Catch Up)
    7,500 6,500 6,500 6,5006,000 6,000 6,000 6,000 6,000 5,500 5,500
 SIMPLE IRA  15,500 14,000 13,500 13,500 13,000 12,500 12,500 12,500 12,50012,000 12,000
 SIMPLE IRA (Catch Up)    3,500 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 2,500 2,500

* People age 50 or older will be eligible for Catch Up.

Estate Taxes Exemption

  2023 2022 2021 2020 2019  2018 2017 2016 20152014 
 Estate Tax Exemption
 $12,920,000 $12,060,000 $11,700,000 $11,580,000 $11,400,000 $11,180,000 $5,490,000 $5,450,000 $5,430,000 $5,340,000
 Annual Gift Tax Exclusion per Gift Recipient $17,000 $16,000 $15,000 $15,000 $15,000 $15,000 $14,000 $14,000 $14,000 $14,000


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