KEY TAKEAWAYS MarylandSaves will require eligible employers to establish a retirement savings plan for their employees The state-provided IRA plan is the first to include retirement income and emergency savings components The program is slated to begin in summer 2022 (a final date is yet to be determined) For many, being able to retire is one of the most significant financial goals to aim for throughout a lifetime of working. Although some lean heavily on the promise of Socia

As of January 1, 2022, Maryland's minimum wage has increased. For employers with 15 or more employees, the wage has increased to $12.50. For employers with 14 or less employees, the wage has increased to $12.20.

2022 Qualified Retirement Plan Limits Below are the 2022 Qualified Retirement Plan Limits, which are effective as of January 1, 2022. Most of the qualified plan limitations, such as those governing 401(k) deferral limits, will increase for 2022 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. A few pension plan limitations will remain unchanged for 2022. To learn more, select the document below.

Notice 2022-3, 2022-2 IRB; IR 2021-251 (12/17/2021) The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or