FEDERAL TAX INFORMATION
| Standard Deduction |
2009 |
2008 |
| SINGLE |
$5,700 |
$5,450 |
| MARRIED FILING JOINTLY AND SURVIVING SPOUSES |
$11,400 |
$10,900 |
| MARRIED FILING SEPARATELY |
$5,700 |
$5,450 |
| HEAD OF HOUSEHOLD |
$8,350 |
$8,000 |
| ADDITIONAL MARRIED ELDERLY/BLIND (Each) |
$1,100 |
$1,050 |
| ADDITIONAL UNMARRIED ELDERLY/BLIND |
$1,400 |
$1,350 |
| DEPENDENT STANDARD DEDUCTION (Minimum) |
$950 |
$900 |
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| Personal and Dependent Exemption |
2009 |
2008 |
| EACH EXEMPTION |
$3,650 |
$3,500 |
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| Personal Exemption Phaseout Range |
2009 |
2008 |
| Phaseout Begins: |
| SINGLE |
$166,800 |
$159,950 |
| MARRIED FILING JOINTLY AND SURVIVING SPOUSES |
$250,200 |
$239,950 |
| MARRIED FILING SEPERATLY |
$125,100 |
$119,975 |
| HEAD OF HOUSEHOLD |
$208,500 |
$199,950 |
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| Itemized Deduction Phaseout Threshold |
2009 |
2008 |
| Phaseout of Itemized Deductions Begins When Adjusted Gross Income Reaches: |
| MARRIED FILING SEPERATELY |
$83,400 |
$79,975 |
| ALL OTHERS |
$166,800 |
$159,950 |
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| FICA / Self-Employment Tax |
2009 |
2008 |
| WAGE BASE FOR SOCIAL SECURITY |
$106,800 |
$102,000 |
| TAX RATE FOR SOCIAL SECURITY(EMPLOYER/EMPLOYEE) |
6.20% |
6.20% |
| TAX RATE FOR SOCIAL SECURITY(SELF-EMPLOYED) |
12.40% |
12.40% |
| WAGE BASE FOR MEDICARE |
no limit |
no limit |
| TAX RATE FOR MEDICARE(EMPLOYER/EMPLOYEE) |
1.45% |
1.45% |
| TAX RATE FOR MEDICARE(SELF-EMPLOYED) |
2.90% |
2.90% |
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| Automobile Standard Mileage Rates |
2009 |
2008 |
| BUSINESS MILEAGE RATE |
$0.55 |
$0.505 |
| CHARITABLE MILEAGE RATE |
$0.14 |
$0.14 |
| MEDICAL AND MOVING MILEAGE RATE |
$0.24 |
$0.19 |
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| Retirement and Pension Plans |
2009 |
2008 |
| MAXIMUM ANNUAL CONTRIBUTION TO DEFINED CONTRIBUTION PLAN |
$49,000 |
$46,000 |
| SIMPLE CONTRIBUTION LIMIT |
$11,500 |
$10,500 |
| MAXIMUM ANNUAL CONTRIBUTION TO DEFINED BENEFIT PLAN |
$195,000 |
$185,000 |
| 401K MAXIMUM DEFERRAL |
$16,500 |
$15,500 |
| IRA DEDUCTION LIMIT |
$5,000 |
$5,000 |
| CATCH-UP CONTRIBUTIONS(TAXPAYERS OVER 50) |
-------- |
-------- |
| TRADITIONAL AND ROTH IRAs |
$1,000 |
$1,000 |
| SIMPLEs |
$2,500 |
$2,500 |
| 401K, 403B AND 457 PLANS |
$5,500 |
$5,000 |
**Contribution limits are also affected by compensation levels, adjusted gross income, and participation in other qualified plans.
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| Annual Gift Tax Exclusion Amount |
2009 |
2008 |
| PER DONEE |
$13,000 |
$12,000 |
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| Section 179 Depreciation Limits |
2009 |
2008 |
| EXPENSE LIMITATION |
$133,000 |
$128,000 |
| INVESTMENT LIMITATION |
$530,000 |
$510,000 |
**Expense limitation is reduced dollar for dollar by the cost of qualified property placed in service during the tax year over an investment limitation.
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