IRS Increases Standard Mileage Rates for Last Half of 2022 For Monsanto Employees

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Monsanto All 2025 January 4.74% 5.55% 5.92%
Monsanto 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 Monsanto 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 Monsanto employee, your employer from Monsanto may reimburse you for your business travel expenses using the standard mileage rate. However, if Monsanto 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 Monsanto 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 Monsanto 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 purpose of Monsanto's 401(k) Savings Plan?

    The purpose of Monsanto's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary into a tax-advantaged retirement account.

    How can I enroll in Monsanto's 401(k) Savings Plan?

    Employees can enroll in Monsanto's 401(k) Savings Plan through the company's HR portal or by contacting the HR department for assistance.

    What types of contributions can I make to Monsanto's 401(k) Savings Plan?

    Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Monsanto's 401(k) Savings Plan.

    Does Monsanto offer any matching contributions to the 401(k) Savings Plan?

    Yes, Monsanto offers a matching contribution to the 401(k) Savings Plan, which can vary based on employee contributions and company policy.

    What is the vesting schedule for Monsanto's 401(k) Savings Plan?

    The vesting schedule for Monsanto's 401(k) Savings Plan typically outlines how long an employee must work at the company to fully own the employer's matching contributions, which may vary based on tenure.

    Can I take a loan from my Monsanto 401(k) Savings Plan?

    Yes, employees may have the option to take a loan from their Monsanto 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.

    What investment options are available in Monsanto's 401(k) Savings Plan?

    Monsanto's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to diversify their portfolios.

    How often can I change my contribution amount to Monsanto's 401(k) Savings Plan?

    Employees can typically change their contribution amount to Monsanto's 401(k) Savings Plan at any time, subject to the plan's guidelines.

    When can I access my funds from Monsanto's 401(k) Savings Plan?

    Employees can access their funds from Monsanto's 401(k) Savings Plan upon reaching retirement age, termination of employment, or under certain hardship circumstances as defined by the plan.

    What happens to my Monsanto 401(k) Savings Plan if I leave the company?

    If you leave Monsanto, you can choose to roll over your 401(k) savings into another retirement account, leave it in the plan if allowed, or cash it out, subject to taxes and penalties.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Monsanto offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Monsanto provides financial planning resources and tools to help employees manage their retirement savings.
    Bayer, Monsanto's parent company, announced significant restructuring plans, including a reduction in workforce aimed at removing multiple layers of management and reducing bureaucracy. These changes are part of a "radical realignment" to improve operational efficiency. The layoffs, expected to be completed by 2025, will primarily affect managerial positions and are part of efforts to address Bayer's strained financial performance and substantial debt from the Monsanto acquisition. The acquisition of Monsanto brought significant legal challenges, primarily related to lawsuits over the weedkiller Roundup. Bayer has faced substantial legal costs and settlements related to these lawsuits, adding financial strain. Despite these challenges, Bayer aims to streamline operations and improve profitability through its restructuring efforts.
    Monsanto, now part of Bayer, offers RSUs that vest over time, giving employees shares upon vesting. Stock options are also provided, allowing employees to buy shares at a predetermined price.
    Monsanto, now a part of Bayer, provides a comprehensive suite of healthcare benefits designed to support the diverse needs of its employees. In 2023, Bayer offered a variety of medical, dental, and vision plans, ensuring extensive coverage for preventive care, major medical services, and prescription medications. Additionally, Bayer implemented several wellness programs to promote overall well-being, including mental health support through personalized care navigators and access to a broad network of providers. These programs underscore Bayer's commitment to maintaining employee health and supporting their families during critical times. For 2024, Bayer has continued to enhance its healthcare offerings by expanding access to flexible spending accounts (FSAs) and health savings accounts (HSAs), allowing employees to manage out-of-pocket healthcare expenses more effectively. The company also offers generous leave policies, including maternity and parental leave, caregiver leave, and bereavement leave, providing crucial support during significant life events. These benefits are especially important in the current economic and political climate, where managing healthcare costs and ensuring access to comprehensive care are paramount concerns for employees. Bayer's ongoing improvements to its benefits package highlight its dedication to fostering a supportive and healthy work environment.