|
For Your Information Quick Facts
Federal Tax Data Sheet (2008-2009)
|
2010 |
2009 |
| Standard Deduction: |
|
|
| Joint or Qualifying Widow(er) |
$11,400 |
$11,400 |
| Single |
$5,700 |
$5,700 |
| Head of Household |
$8,400 |
$8,350 |
|
| Personal/Dependent Exemption |
$3,650 |
$3,650 |
|
| FICA/SE Tax Max Earnings |
$106,800 |
$106,800 |
|
| Business Auto Standard Mileage Rate |
0.500 |
0.550 |
|
|
| Retirement Plan Maximum Contributions: |
|
|
| 401(k) |
$16,500 |
$16,500 |
| 401(k) - Additional Age 50 or Older |
$5,500 |
$5,500 |
| Simple Plans |
$11,500 |
$11,500 |
| Simple Plans - Additional Age 50 or Older |
$2,500 |
$2,500 |
| IRA |
$5,000 |
$5,000 |
| IRA - Additional Age 50 or Older |
$1,000 |
$1,000 |
|
| Gift and Estate Tax: |
|
|
| Annual Gift Tax Exclusion |
$13,000 |
$13,000 |
| Unified Credit Exemption Amount: |
|
|
| Estate Tax Exemption |
TBD |
$3,500,000 |
| Gift Tax Exemption |
$1,000,000 |
$1,000,000 |
|
| Section 179 Deduction |
$134,000 |
$250,000 |
|
| Earning Ceiling for Social Security: |
|
|
| 62-66 |
$14,160 |
$14,160 |
| Age 66 and Above |
Unlimited |
Unlimited |
|
| Maximum Education Savings Accounts Contribution |
$2,000 |
$2,000 |
|
| Child Tax Credit |
$1,000 |
$1,000 |
|
| Unearned Income Without Kiddie Tax |
$1,900 |
$1,900 |
|
