|
For Your Information Quick Facts
Federal Tax Data Sheet (2011-2010)
|
2012 |
2011 |
| Standard Deduction: |
|
|
| Joint or Qualifying Widow(er) |
$11,900 |
$11,600 |
| Single |
$5,950 |
$5,800 |
| Head of Household |
$8,700 |
$8,500 |
|
| Personal/Dependent Exemption |
$3,800 |
$3,700 |
|
| FICA/SE Tax Max Earnings |
$110,100 |
$106,800 |
|
| Business Auto Standard Mileage Rate |
$0.555 |
0.510 |
| Mileage from July 1 - December 31,2011 |
|
0.555 |
|
|
| Retirement Plan Maximum Contributions: |
|
|
| 401(k) |
$17,000 |
$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 |
$5,120,000 |
$5,000,000 |
| Gift Tax Exemption |
$5,120,000 |
$5,000,000 |
|
| Section 179 Deduction |
$139,000 |
$500,000 |
|
| Earning Ceiling for Social Security: |
|
|
| 62-66 |
$14,640 |
$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 |
|
