2010-2003 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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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.

2006 Medicare Wage Base limit         



2006 Social security Wage Base limit    

2007 Social Security Wage Base limit

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Unlimited



$ 94,200

$97,500

FUTA Tax (940) limit

2006 Federal Unemployment limit

$   7,000

Shortcuts, tips, resources  for payroll taxes and human resources

QuickBooks Payroll

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2006 Mileage Rate

For deducting or reimbursing 2006 business mileage on a personally owned vehicle
2007 business mileage


Interesting article on what auto expense is deductible
2006 Mileage- Business rate
.445 cents per mile (2006)
.485 cents per mile (2007)
2006 Mileage -Charity rate
.14 cents per mile   (2006)
.14 cents per mile   (2007)
2006 Milage -Medical and Moving Rate
.18 cents per mile   (2006)
.20 cents per mile   (2007)

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

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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2006 Maximum contributions and limits to pensions, IRA, and 401 K

Click here for official source for:  
  2006 limitations

  
2007 limitations

2006 Maximum employee 401K contribution limit
2007 Maximum employee 401K contribution limit




2006 $15,000 +$5,000 (over age 50)
2007 $15,500 + $5,000 (over age 50)

2006 Catch up contribution Limit  (over age 50)

 

$ 5,000  (2006 included in above)
$ 5,000  (2007 included in above)

 

2006 Employer contribution to 401K is limited          

2006 total additions (employer contribution plus employee contribution) cannot exceed lesser of :
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Up to 25% of compensation

2006:
$44,000  or 100 % of compensation.
2007:
$45,000 or 100% of compensation

 

2006 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 2006 definition of a key employee in a top-heavy plan is
 
$140,000
and for 2007 $145,000.

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$  220,000   (2006)
$  225,000   (2007)

 

2006 Maximum Annual Defined Contribution- Employer Contributions for 2005 to an employee SEP-IRA cannot exceed the lesser of  the following amounts:

2006 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 2005 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 $220,000)
         or
$   44,000   (2006)
$   45,000   (2007)
 

 

     $450 for 2006
     $500 for 2007
  

2006 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





$     10,000     (2006)
    + over age 50 catch up
$     10,500      (2007)
     + 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 $10,000)
2006 Simple Catch up Deferral (over age 50)

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$   2,500 (2006 & 2007)
      

2006 Limit to  Traditional IRA, nondeductible IRA, or Roth IRA.     Who can contribute





$    4,000 + over age 50 catch up
    

IRA Catch up Deferral (over age 50)

$      500

Learn about small business pensions
2006 pension plan limits

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2006 Maximum Earnings for Retirees

2006 Maximum retirement earnings before Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings above the limit).
 

over age 65


2006 under age 65 reduction begins

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unlimited earnings permitted - no reduction

earnings over $ 12,480 ($1040/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 $33,240 (2006)   


Minimum Wage hourly rates

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

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2006 Corporation and Individual Tax Rates

Individual Rates  original 2006 source
  • $ 5,150  2006 Standard deduction for  Single
    $ 5,350  2007 Standard deduction for  Single

  • $ 5,150  2006 Standard deduction for Married filing separately
    $ 5,350  2007 Standard deduction for Married filing separately

  • $ 7,550  2006 Standard deduction for Head of household
    $ 7,850  2007 Standard deduction for Head of household

  • $10,300 2006 Standard deduction for Married filing Joint
    $10,700 2007 Standard deduction for Married filing Joint

  • 850 2006 Taxpayer claimed as a dependent
    850 2007 Taxpayer claimed as a dependent

Exemption amount $3,300 (3,400 2007)
Deduction for personal exemption phase out begins
Single $150,500-273,000  
           $156,400-278,900
  - 2007
Married $225,750-$348,250 
               $234,600- $357,100    - 2007
HOH $188,150-$310,650
              $195,500-$318,000    - 2007

Deduction for itemized deductions phase out begins when
AGI Threshold
Married, Single, HOH   $150,500
                      2007  $156,400
Married Filing Separate    $75,250
                       2007  $78,200

Click here to download IRS Publication 505 containing these rates

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

2006 Tax Rates

2006 Individual Tax  Rates 10% 15% 25% 28% 33% 35%

Single

7,550
 
next  23,100
to 30,650
next
43,550
 to 74,200
next
80,600
to 154,800
next
181,750
to 336,550
amounts over
 336,550

Head Of Household

10,750
 

next 30,300
to 41,050
next
64,950
 to 106,000
next
65,650
to 171,650
next
164,900 to 336,550
amounts over
336,550

Married Joint

15,100
 

next 46,200
to 61,300
 
next
62,400
 to 123,700
next
64,750
to 188,450
next
148,100
to 336,550
amounts over
 336,550

2007 Tax Rates
2006 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

Head Of Household

11,200
 

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

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

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Click here for:  2006 Corporate Rates
 
 

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2006 Gift Tax

 
2006 Federal gift tax exclusion-
click on annual exclusion
 

2006-2008 Estate Tax Applicable Exclusion Amount
 

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$    12,000
    


$2,000,000

 

 


Self Employed Health Insurance Deduction

 
Deductible Percentage for 2006 health insurance premiums    100%
   (2002=70% 2003=100% 2004=100% 2005=100%)

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Health Savings Accounts (HSA)

 
High Deductible Health Plan and Contribution Limits
    Maximum Annual Deductible Annual out-of- pocket does not exceed

2006 Self -only coverage annual deductible

$1,050-$2,700 $5,250

2006 Family coverage annual deductible

$2,100-$5,450 $10,500

Monthly Limit on deductions is 1/12 of the lesser of the annual deductible or the maximum annual deductible (2,650 Self or $5,250 Family)

 
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
2006 50% deductible

 

 

 
Depreciation

2006 Section 179 depreciation $108,000

The amount of investment qualifying for this immediate deduction begins to phase out for small businesses with investment in excess of $430,000 

2007 Section 179 depreciation $112,000

The amount of investment qualifying for this immediate deduction begins to phase out for small businesses with investment in excess of $450,000 

 

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 placed in service in 2003 and earlier

The 50% and 30% bonus depreciation options expire December 31, 2004.

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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
 

2005 rates and limits -
Social Security, Mileage, Pension, 401K, IRA
 

 

 
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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