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Free:
2008 tax calendar
(download pdf file) |
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Payroll tax Social Security Fica and Futa Limit
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Quicken
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Same great features as
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Take control of your
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FICA Tax (941
Tax)
limit - Fica Limit
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Social Security tax includes FICA
6.2% and Medicare 1.45%. The FICA tax limit (Social Security)
changes annually. The Medicare tax has no limit. Employer FICA
tax and Employee FICA have the same limits. Both FICA tax rate
(6.2%) and Medicare tax rate (1.45%) as a rule do not change.
In addition to FICA tax limit and Social Security Limit, other tax
limits and tax rate (s) can be found on this webpage. |
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2007 Medicare Wage Base limit
2007
Social Security Wage Base
limit
2008
Social Security Wage Base
limit
top |
Unlimited
$97,500 2007
$102,000 2008
Wow...Just 5 years ago the limit was $87,000! |
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FUTA Tax (940)
limit |
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2007 Federal Unemployment
limit |
$ 7,000 |
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Shortcuts, tips, resources for payroll taxes and human
resources |
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QuickBooks
Payroll
top |
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For deducting or reimbursing
2007 business mileage on a
personally owned vehicle
2008 business mileage
Interesting article on what auto expense is deductible |
| 2007 Mileage- Business rate |
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$ .485 per mile
(2007) 48.5 cents
$ .505 per mile (2008)
50.5 cents |
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2007 Mileage -Charity rate |
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$ .14 per mile
(2007) 14 cents
$
.14 per mile (2008)
14 cents |
| 2007 Milage -Medical and Moving
Rate |
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$ .20 per mile (2007)
20 cents
$ .19 per mile (2008)
19 cents |
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Payroll tax rules
Part A and
Part B for
employees or owners using a company vehicle |
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2006
rates and limits - Social Security, Mileage, Pension, 401K, IRA
2005 rates and limits - Social Security, Mileage, Pension, 401K, IRA
2004
rates and limits - Social Security, Mileage, Pension, 401K, IRA
2003
rates and limits - Social Security, Mileage, Pension, 401K, IRA
top |
2007 Maximum contributions and limits to pensions, IRA,
and 401 K
Click here for official source for:
2007 limitations
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Choosing a retirement plan |
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2007 Maximum employee
401K contribution limit
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2007 $15,500 +$5,000
(over age 50)
2008 $15,500 +$5,000
(over age 50) |
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2007 Catch up contribution
Limit
(over age 50) |
$ 5,000
(2007 and 2008)
included in above
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2007
Employer
contribution to 401K is limited
2007 total
additions (employer contribution plus employee contribution)
cannot exceed lesser of :
top |
Up
to 25% of compensation
2007:
$45,000 or 100 % of compensation.
2008
$46,000 or 100 % of compensation.
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2007 Maximum Annual
Compensation limits for determining benefits or contributions
under a qualified plan
(401(a)(17), 404(l), 408(k)(3)(C), &
408(k)(6)(D)
Note: for 2007 definition of a key employee
in a top-heavy plan is
$145,000
for
(2008)
definition of a key employee in a top heavy plan is $150,000
top |
$ 225,000 (2007)
$ 230,000
(2008)
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2007 Maximum Annual Defined Contribution-
Employer Contributions for 2007 to an employee SEP-IRA cannot
exceed
the lesser of the following amounts:
2007 Simplified Employee Pension
Employers contribution for employees is based on the plan
document, which cannot be more restrictive than including all
employees who performed services for the employer in the last 3 of 5
years with earnings greater than:
Employees covered under collective bargaining employees & certain
nonresident aliens may also be exclude.
Special rules apply to the self-employed. See publication 560 (www.irs.gov)
for a worksheet on how to calculate a 2007 SEP contribution for a
self employed Schedule C Filer. For the worksheet,
click
here.
Learn more- The ABCs of SEP Plans
Checklist- are you in compliance with IRS SEP rules and regs?
Pdf
top |
25% of the employee's W2 compensation (up to $220,000)
or
$ 45,000 (2007)
$ 46,000 (2008)
$500 for
2007 and 2008
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Plus savings on deposit
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and more! |
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2007 Simple
Retirement Account (Simple IRA)
Maximum Pretax Employee contribution
Learn more- The ABCs of Simple Plans
Checklist- are you in compliance with IRS Simple rules and regs?
Pdf |
$ 10,500 (2007
and
2008)
+ over age 50 catch up
The employer contributes up to 3% of W2 wages
which is in addition to the Employee deferral max above (Maximum ER
contribution is $10,500) |
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| 2007 Simple Catch up
Deferral (over age 50)
top |
$
2,500
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2007 Limit to
Traditional IRA, nondeductible IRA, or Roth IRA.
Who can contribute |
$ 4,000 +
over age 50 catch up
$ 5.000 in 2008
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Hidden Financial Risk
Understanding
Off-Balance Sheet Accounting
$27.17
Explains methods by debt is hidden and the failure by
management and auditors and investors to detect and eliminate
these tools of deception |
|
IRA Catch up Deferral
(over age 50) |
$
1000 in 2007 and 2008 |
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Learn about small business pensions
Top |
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How retirement income is taxed
(pdf) |
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Top |
2007 Maximum Earnings for Retirees
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2007
Maximum retirement earnings
before
Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings
above the limit).
2008 Maximum
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over
age 65
2007 under age 65 reduction begins
2008 under age 65 reduction begins
top |
unlimited earnings permitted - no reduction
earnings over $ 12,960 ($1080/mo)
earnings over $ 13,560 ($1130/mo) |
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In the year the individual reaches full
retirement age, earnings months prior to attaining full
retirement age - One dollar in benefits will be withheld for every
$3 in earnings above the limit of $34,440 (2007)
$36,120 (2008) |
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Minimum Wage hourly rates
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Link to a chart of all States Minimum Wage rates |
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Federal
minimum wage
Top |
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Individual Rates
original 2007 source
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$ 5,350 2007 Standard
deduction for Single
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$ 5,350 2007 Standard
deduction for Married filing separately
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$ 7,850 2007 Standard
deduction for Head of household
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$10,700 2007 Standard
deduction for Married filing Joint
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850 2007 Taxpayer claimed
as a dependent
Exemption amount $3,400
Deduction for personal exemption phase out begins
Single $156,400-278,900
Married $234,600-$357,100
HOH $195,500-$318,000
Deduction for itemized deductions phase out
begins when
AGI Threshold
Married, Single, HOH $156,400
Married Filing Separate $78,200
Individual Rates
original 2008 source
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$ 5,450 2008 Standard
deduction for Single
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$ 5,450 2008 Standard
deduction for Married filing separately
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$
8,000 2008 Standard
deduction for Head of household
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$10,900 2008 Standard
deduction for Married filing Joint
Exemption amount $3,500
Deduction for personal exemption phase out begins
Single $159,950-282,450
Married $239,950-$362,450
HOH $199,950-$322,450
Deduction for itemized deductions phase out
begins when
AGI Threshold
Married, Single, HOH $159,950
Married Filing Separate $79,975
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Click here to view IRS website containing these rates
For tax forms and extensions to file individual tax returns click
here
2007 Tax Rates
|
2007 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
7,825
|
next 24,025
to 31,850 |
next 45,250
to 77.100 |
next
83,750
to 160,850 |
next
188,850
to 349,700 |
amounts over
349,700 |
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Head Of Household |
11,200
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next 31,450
to
42,650 |
next 67,450
to 110,100 |
next 68,250
to 178,350 |
next 171,350 to
349,700 |
amounts over
349,700 |
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Married Joint |
15,650
|
next 48,050
to 63,700 |
next 64,800
to
128,500 |
next 67,350
to 195,850 |
next 153,850 to
349,700 |
amounts over
349,700 |
2008 Tax Rates
|
2008 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
|
Single |
8,025
|
next 24,52q
to 32,550 |
next
46,300 to 78.850 |
next
85,700
to 164,550 |
next 193,150
to 357,700 |
amounts over
357,700 |
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Head Of Household |
11,450
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next 32,200
to 43,650 |
next 69,000
to 112,650 |
next 69,750
to 182,400 |
next 175,300 to
357,700 |
amounts over
357,700 |
|
Married Joint |
16,050 |
next 49,050
to 65,100 |
next 66,350
to
131,450 |
next 68,850
to 200,300 |
next 157,400 to
357,700 |
amounts over
357,700 |
Top |
$13.57
QuickBooks For Dummies
$15.61 |
Click here for:
2007 Corporate Rates
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TurboTax Business
+ QuickBooks
+ Set-up Assistance
=
Save Money
Year after Year |
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top |
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Federal gift tax exclusion-
click on annual exclusion
2006-2008 Estate Tax Applicable Exclusion Amount
top |
$ 12,000
$2,000,000 |
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Self Employed Health Insurance Deduction
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Deductible Percentage
for
2007 health insurance premiums
100%
(2002=70%
2003=100% 2004=100% 2005=100% 2006=100%)
top |
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Health Savings Accounts (HSA)
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High Deductible Health Plan and Contribution Limits
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Maximum
Annual Deductible |
Annual out-of- pocket does not exceed |
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2007 Self -only coverage annual deductible |
$1,100-$2,850
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$5,500 |
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2007 Family coverage annual deductible |
$2,200-$5,650 |
$11,000 |
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Monthly Limit on deductions
is 1/12 of the lesser of the annual deductible or the maximum
annual contribution ($2,850 Self or $5,650 Family) (For tax year
2008 -$2,900 Self or $5,850 Family)
Catch Up Contributions for individuals over 55 is $800
Source |
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Learn more about Health Savings Accounts and administrative
requirements |
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Travel Reimbursement Rules for Lodging, Meals &
Incidental Expenses |
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See Revenue Ruling for details on flat rate
reimbursement plans Meals
while away on business
50% deductible
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2007
Section 179 depreciation
$125,000
The amount of investment qualifying for this
immediate deduction begins to phase out for small businesses with
investment in excess of $500,000
2008
Section 179 depreciation
$250,000
The amount of investment qualifying for this
immediate deduction begins to phase out for small businesses with
investment in excess of $800,000
Regs now permit Section 179 on off-the-shelf
software
Leasehold property placed in service
before 1/1/2006 - 15 year SL
(subsequent owners of the leasehold property required to depreciate
over 39 Years)
Elect to deduct $5000 start-up & $5000
organizational expenses in the year the business begins.
Effective for expenses incurred after 10/22/04. Be sure to read more
on the details of this rule.
Deductions reduced by the amount of which
the cumulative cost of start-up or organizational expenditures
exceed $50,000 respectively
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Luxury Auto depreciation rules: |
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A car is
defined as a four-wheel passenger automobile designed for use
on public roads and is rated at 6,000 pounds or less
unloaded gross vehicle weight |
1st year depreciation limit |
this site has not yet been updated |
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Special use vehicles (over 6000lbs loaded) now
exempt from luxury auto rules and can be deducted under section 179
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SUVs (over 6000lbs)
Heavy Trucks & Vans
read more |
$25,000 including any sec 179 deduction
$108,000 including any sec 179 deduction |
Publication 946 has a nice table for limits on
depreciation of vehicles
The 50% and 30% bonus depreciation options expired December 31, 2004.
top |
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3 years from tax period due
date or 3 years from date original return received whichever is
later
unless the taxpayer fails to include on a return any information
with respect to a
listed transaction
then the statute of limitations will not expire before 1 year after
the Secretary is furnished with the information.
See more Statute of Limitations guidelines
see also
How long should you retain your receipts
and business documents |
|
Tax Tips from the IRS
|
|
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Click to
view tax tips at
www.IRS.Gov |
|
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IRS
Circular 230 Disclosure: To ensure compliance with
requirements imposed by the IRS, we inform you that, any U.S.
federal tax advice contained in this communication (including any
attachments) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding any tax related penalties that
may be imposed on you or any other person under the Internal Revenue
Code or (ii) promoting, marketing, or recommending to another party
any transaction or matter addressed in this communication |
