IRS Increases Standard Mileage Rates for Last Half of 2022 For Kimberly-Clark Employees

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Kimberly-Clark All 2025 January 4.74% 5.55% 5.92%
Kimberly-Clark All 2024 January 4.89% 5.14% 5.29%

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

  • Business use of auto : Our Kimberly-Clark clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Kimberly-Clark employee, your employer from Kimberly-Clark may reimburse you for your business travel expenses using the standard mileage rate. However, if Kimberly-Clark does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.

  • Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Kimberly-Clark to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

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  • Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Kimberly-Clark clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.

  • Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

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    The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

    What is the 401(k) plan offered by Kimberly-Clark?

    The 401(k) plan offered by Kimberly-Clark is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

    How does Kimberly-Clark match employee contributions to the 401(k) plan?

    Kimberly-Clark provides a matching contribution to the 401(k) plan, which typically matches a percentage of what employees contribute, up to a specified limit.

    Can employees at Kimberly-Clark choose how their 401(k) contributions are invested?

    Yes, employees at Kimberly-Clark can choose from a variety of investment options within the 401(k) plan to align with their retirement goals.

    When can employees at Kimberly-Clark enroll in the 401(k) plan?

    Employees at Kimberly-Clark can enroll in the 401(k) plan during their initial onboarding period or during designated open enrollment periods.

    Is there a vesting schedule for Kimberly-Clark's 401(k) matching contributions?

    Yes, Kimberly-Clark has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own the matched funds.

    What is the maximum contribution limit for Kimberly-Clark's 401(k) plan?

    The maximum contribution limit for Kimberly-Clark's 401(k) plan is subject to IRS regulations, which are updated annually. Employees should refer to the latest guidelines for specific limits.

    Does Kimberly-Clark offer any financial education resources for employees regarding their 401(k)?

    Yes, Kimberly-Clark provides financial education resources and tools to help employees make informed decisions about their 401(k) savings and investments.

    Can employees take loans against their 401(k) savings at Kimberly-Clark?

    Yes, Kimberly-Clark allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

    What happens to my 401(k) if I leave Kimberly-Clark?

    If you leave Kimberly-Clark, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the Kimberly-Clark plan if allowed.

    How often can employees change their contribution amounts to the 401(k) at Kimberly-Clark?

    Employees at Kimberly-Clark can typically change their contribution amounts to the 401(k) plan during designated enrollment periods or as specified by the plan guidelines.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Kimberly-Clark offers both a defined benefit pension plan and a defined contribution plan. The defined benefit plan provides retirement income based on years of service and compensation, with benefits frozen but payable upon reaching specific milestones. In 2015, the company transferred payment responsibilities for retirees to Prudential and MassMutual.
    Restructuring and Layoffs: Kimberly-Clark announced it will lay off approximately 1,000 employees globally as part of a restructuring plan to improve operational efficiency (Source: Reuters). Cost Management: The company aims to save $500 million annually through these measures. Financial Performance: Kimberly-Clark reported a 5% increase in net sales for Q3 2023, driven by strong demand for personal care products (Source: Kimberly-Clark).
    Kimberly-Clark grants RSUs that vest over time, providing shares upon meeting vesting conditions. Stock options are also part of their compensation plan, allowing employees to purchase shares at a fixed price.
    Kimberly-Clark has been actively enhancing its employee healthcare benefits to adapt to the current economic, investment, tax, and political environment. In 2022, the company introduced several new healthcare initiatives aimed at improving employee well-being. These included comprehensive health insurance plans covering medical, dental, and vision care, along with mental health support through Employee Assistance Programs. The company also offered flexible work arrangements and wellness programs to help employees manage stress and maintain a healthy work-life balance. These enhancements reflect Kimberly-Clark's commitment to fostering a supportive and healthy workplace, which is essential for maintaining productivity and morale in a competitive market. In 2023, Kimberly-Clark continued to build on these initiatives by introducing additional benefits, such as increased access to telemedicine services and expanded support for mental health and wellness. The company's focus on employee healthcare aligns with its broader strategy to create a resilient and engaged workforce capable of navigating the complexities of the current economic landscape. These efforts are particularly important given the ongoing economic uncertainties and the increasing importance of employee well-being in driving business success. By investing in comprehensive healthcare benefits, Kimberly-Clark aims to attract and retain top talent, ensuring long-term sustainability and growth.