2008 Annual limits and rates for Fica tax, Social Security tax, maximum pension & 401K deductions contributions, reimbursed mileage rate, depreciation, self-employed heath, insurance deduction, gift tax and corporate tax rates. QuickBooks help and training for small business. QuickBooks help and training for small business.
 

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   2008
Fica Tax Rates and Tax Limits
All the Important tax limits on one page

 


   

 

 

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Free: 2009 tax calendar (download pdf file)


Payroll tax Social Security Fica and Futa Limit

 
 

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2008 & 2009 FICA Tax (941 Tax) limit  - Fica Limit

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.

2008 Medicare Wage Base limit         


2008 Social Security Wage Base limit

2009 Social Security Wage Base limit

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Unlimited


$102,000 2008

$106,800 2009

Wow...in 2002  the limit was $87,000! That is  $1,514 more in tax that the employee must pay and $1,514 more in tax paid by the employer!

FUTA Tax (940) limit

2008 Federal Unemployment limit

$   7,000

Shortcuts, tips, resources  for payroll taxes and human resources

QuickBooks Payroll

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2008 Mileage Rate

For deducting or reimbursing 2008 business mileage  (Jan 1st - June 30th) on a vehicle
For deducting or reimbursing 2008 business mileage  (July1st - December 31st) on a vehicle
For deducting or reimbursing 2009 business mileage on a vehicle

Interesting article on what auto expense is deductible
2008 Mileage- Business rate

2009 Mileage- Business rate
$ .505 per mile (50.5 cents) Jan-June 2008
$ .585 per mile (58.5 cents) July-Dec 2008
$ .55 per mile (55 cents)
2008 Mileage -Charity rate
2009 Mileage- Charity rate
$ .14  per mile (14 cents) (2008)
$ .14  per mile (14 cents) (2009)
2008 Milage -Medical and Moving Rate

2009 Milage -Medical and Moving Rate

$ .19  per mile  (19 cents) Jan-June 2008
$ .27  per mile  (27 cents)  July-Dec 2008
$ .24  per mile 
(24 cents) 

 Payroll tax rules Part A  and Part B  for employees or owners using a company vehicle

Need prior year rates? Click below
2007 rates and limits - Social Security, Mileage, Pension, 401K, IRA
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

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2008 Maximum contributions and limits to pensions, IRA, and 401 K

Click here for official source for:  
2008 limitations

Choosing a retirement plan

2008 Maximum employee 401K contribution limit
 




2008 $15,500 +$5,000 (over age 50)
2009 $16,500 +$5,500 (over age 50)

2008 Catch up contribution Limit  (over age 50)
2009 Catch up contribution Limit  (over age 50)

 

$ 5,000  (2008)
$ 5,500  (2009)
 included in above

 

2008 Employer contribution to 401K is limited          

2008 total additions (employer contribution plus employee contribution) cannot exceed lesser of :
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Up to 25% of compensation

2008
$46,000 or 100 % of compensation.
2009
$49,000  or 100 % of compensation.
 

2008 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  (2008) definition of a key employee in a top heavy plan is $150,000
Note:
 for
 (2009) definition of a key employee in a top heavy plan is $160,000
      
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$  230,000    (2008)
$  245,000    (2009)


 

2008 Maximum Annual Defined Contribution- Employer Contributions for 2008 to an employee SEP-IRA cannot exceed the lesser of  the following amounts:

2008 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 2008 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


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25% of the employee's W2 compensation (up to $230,000 2008)
(up to $245,000 2009)
         or
$   46,000   (2008)
$   49,000   (2009)
 

     $500  2008
  
  $550  2009
    
  

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2008 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     (2008)
$     11,500     (2009)
    + 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 2008)

2008 Simple Catch up Deferral (over age 50)

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$   2,500 (2008 and 2009 )
      

2008 Limit to  Traditional IRA, nondeductible IRA, or Roth IRA.   
 Who can contribute





$    5,000 + over age 50 catch up
            (2008 and 2009)
    

Hidden Financial Risk
Understanding
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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 2008 and 2009

Learn about small business pensions

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How retirement income is taxed (pdf)

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2008 Maximum Earnings for Retirees

2008 Maximum retirement earnings before Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings above the limit)

Retirement Age from 65 to 67 depending upon Year of Birth

Normal Retirement Age Year of birth Age
1937 and prior 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-54 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

Over
 Retirement Age

Under Age:
2008 under full retirement age reduction begins
2009 under full retirement age reduction begins

The year an individual reaches retirement age:
2008 reduction begins
2009 reduction begins
Apples only to earnings for months prior to attaining full retirement age. $1 in benefits will be withheld for  ever $3 in earnings above limit


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unlimited earnings permitted - no reduction


earnings over $ 13,560 ($1130/mo)
earnings over $ 14,160 ($1180/mo)


earnings over $36,120/yr (3010/mo)
earnings over $37,680/yr ($3140/mo)
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  $36,120 (2008)


Minimum Wage hourly rates

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Link to a chart of all States Minimum Wage rates
Federal minimum wage 

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2008 Corporation and Individual Tax Rates

Individual Rates    original 2008 source      Original 2009 Source

  • $ 5,450  2008 Standard deduction for  Single
    $ 5,700 2009 Standard deduction for Single

  • $ 5,450  2008 Standard deduction for Married filing separately
    $ 5,700 2009 Standard deduction for Married filing separate

  • $ 8,000  2008 Standard deduction for Head of household
    $ 8,350 2009 Standard deduction for Head of household

  • $10,900 2008 Standard deduction for Married filing Joint
    $11,400 2009 Standard deduction for Married filing Joint

Exemption amount $3,500  (2009 $3,650)
Deduction for personal exemption phase out begins
Single $159,950-282,450  
2009 $166,800-289,300
Married $239,950-$362,450  
2009 $250,200-372,700
HOH $199,950-$322,450 
2009 $208,500-331,000
           

Deduction for itemized deductions phase out begins when
AGI Threshold
Married, Single, HOH   $159,950
Married Filing Separate    $79,975

             

Click here to view IRS website containing these 2008 rates

For tax forms and extensions to file individual tax returns click here


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

Head Of Household

11,450
 

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

Click here to view IRS website containing these rates

For tax forms and extensions to file individual tax returns click here


2009 Tax Rates

2009 Individual Tax  Rates 10% 15% 25% 28% 33% 35%

Single

8,350 next  25,600
to 33,950
next 48,300 to 82,250 next 89,300
to 171,550
next 201,400
to 372,950
amounts over
 372,950

Head Of Household

11,950

next 33,550
to 45,500
next 71,950
 to 117,450
next 72,750
to 190,200
next 182,750 to 372,950 amounts over
372,950

Married Joint

16,700

next 51,200
to 67,900
next 69,150
 to 137,050
next 71,800
to 208,850
next 164,100 to 372,950 amounts over
 372,950

 

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Click here for:  2008 & 2009 Corporate Rates
 
 
 

Prepare your own 1120S or 1065 business tax return

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Gift Tax

 
Federal gift tax exclusion-
click on annual exclusion
 

2006-2008 Estate Tax Applicable Exclusion Amount
 

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$    12,000 (2008)
$    13,000 (2009)
    
$2,000,000

 

 

  Self Employed Health Insurance Deduction

 
Deductible Percentage for 2008 & 2009 health insurance premiums    100%
 

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Health Savings Accounts (HSA)

 
High Deductible Health Plan and Contribution Limits

 
  Maximum HSA Contribution Limit   Minimum Policy Deductible Annual out-of- pocket does not exceed

2008 Self -only coverage annual deductible

$2,900 $1,100 $5,600

2008 Family coverage annual deductible

$5,800 $2,200 $11,200

Monthly Limit on deductions is 1/12  maximum annual contribution ($2,900 Self or $5,800 family) Catch Up Contributions  for individuals over 55 is $900  Source

 

2009 limits

     

2009 Self -only coverage annual deductible

$3,000 $1,150 $5,800

2009 Family coverage annual deductible

$5,950 $2,300 $11,600

 

 
Learn more about Health Savings Accounts and administrative requirements  

Travel Reimbursement Rules for Lodging, Meals & Incidental Expenses

 
See Revenue Ruling for details on flat rate reimbursement plans

Meals while away on business
50% deductible
 

 

 
Depreciation

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

 Luxury Auto depreciation rules:
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
Special use vehicles (over 6000lbs loaded) now exempt from luxury auto rules and can be deducted under section 179 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

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Statute of Limitations

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

 

    Click to view tax tips at www.IRS.Gov

 
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

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