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

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Rogers Corporation All 2025 January 4.74% 5.55% 5.92%
Rogers Corporation 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 Rogers Corporation 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 Rogers Corporation employee, your employer from Rogers Corporation may reimburse you for your business travel expenses using the standard mileage rate. However, if Rogers Corporation 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 Rogers Corporation to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

    • Featured Video

    Articles you may find interesting:

    Loading...

  • 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 Rogers Corporation 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.

    •  

    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 type of retirement plan does Rogers Corporation offer to its employees?

    Rogers Corporation offers a 401(k) retirement savings plan to its employees.

    How can employees of Rogers Corporation enroll in the 401(k) plan?

    Employees of Rogers Corporation can enroll in the 401(k) plan by completing the enrollment form available through the HR department or the company's benefits portal.

    Does Rogers Corporation match employee contributions to the 401(k) plan?

    Yes, Rogers Corporation offers a matching contribution to employee 401(k) contributions, subject to certain limits.

    What is the maximum contribution limit for the Rogers Corporation 401(k) plan?

    The maximum contribution limit for the Rogers Corporation 401(k) plan is in accordance with IRS guidelines, which may change annually.

    When can employees of Rogers Corporation start contributing to their 401(k) plan?

    Employees of Rogers Corporation can start contributing to their 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.

    Are there any fees associated with the Rogers Corporation 401(k) plan?

    Yes, there may be administrative fees associated with the Rogers Corporation 401(k) plan, which are disclosed in the plan documents.

    What investment options are available in the Rogers Corporation 401(k) plan?

    The Rogers Corporation 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

    Can employees take loans against their 401(k) savings at Rogers Corporation?

    Yes, employees of Rogers Corporation may be eligible to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

    What happens to my Rogers Corporation 401(k) if I leave the company?

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

    How often can employees change their contribution amounts to the Rogers Corporation 401(k) plan?

    Employees of Rogers Corporation can change their contribution amounts during designated enrollment periods or as specified in 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.
    Rogers Corporation offers a traditional defined benefit pension plan, providing retirement income based on years of service and final average pay. This plan has been frozen, meaning that no new benefit accruals are added based on service or compensation beyond a certain date. Benefits accumulated under the plan are primarily based on a "flat dollar" amount per year of service. Additionally, the company provides a 401(k) plan with company matching contributions to support employees' retirement savings. Employees can access tools and resources online to manage their pension benefits.
    Layoffs and Restructuring: Rogers Corporation announced it will lay off approximately 700 employees as part of a restructuring plan to improve operational efficiency. Strategic Focus: The companyHere is a master table summarizing recent news about restructuring, layoffs, company benefit changes, company pension, and 401k changes for the specified companies. This information is crucial due to the current economic, investment, tax, and political environment.
    Rogers Corporation offers RSUs that vest over time, providing shares to employees upon vesting. Stock options are also part of their compensation, allowing employees to purchase shares at a fixed price.
    Rogers Corporation has made significant enhancements to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized a comprehensive approach to employee health and safety, promoting a culture where safety is a top priority. This initiative includes structured environmental, health, and safety (EHS) risk management for new installations and processes, ensuring all equipment and procedures undergo thorough EHS reviews before implementation. These measures are part of Rogers' broader strategy to reduce injury rates and foster a safer workplace environment. In 2023, Rogers continued to build on these efforts by introducing additional health and wellness programs. The company expanded access to preventive healthcare services and mental health support, aiming to provide comprehensive support for employees' physical and emotional well-being. These programs include stress management resources, Employee Assistance Programs (EAP), and various wellness initiatives. By investing in these robust healthcare benefits, Rogers aims to attract and retain top talent, ensuring long-term sustainability and growth amid economic uncertainties. These initiatives reflect Rogers' dedication to creating a supportive and healthy work environment, which is crucial for maintaining productivity and morale in a competitive market.