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Important Changes Effective January 1, 2017

Changes to Michigan minimum wage amounts effective January 1, 2017:

Workers 18 and older                             $8.90/hour

Workers 16 and 17 years old                   $7.57/hour

Tipped workers                                       $3.38/hour

Retirement Plan Changes for 2017:

Maximum salary deferrals:

Simple maximum contribution           $12,500

Catch-up contribution                       $  3,000

                 

401(k), 403(b), Profit Sharing plan

Annual compensation               $270,000

Elective deferral                      $  18,000

Catch-up contributions            $    6,000

IRAs:

Contributions limits                                $5,500

Catch up contributions                           $1,000

AGI Deduction phase-out                       $99,000 joint return

$62,000 single or head of household

Mileage rate changes effective January 1, 2017:

Business                                                     $.535

Medical or moving                                       $.17

Charitable                                                  $.14

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