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TurboTax Business
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Payroll tax Social Security Fica and Futa Limit
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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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2006 Medicare Wage Base limit
2006
Social security Wage Base
limit
2007
Social Security Wage Base
limit
top |
Unlimited
$ 94,200
$97,500 |
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FUTA Tax (940)
limit |
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2006 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
2006 business mileage on a
personally owned vehicle
2007 business mileage
Interesting article on what auto expense is deductible |
| 2006 Mileage- Business rate |
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.445 cents per mile
(2006)
.485 cents per mile (2007) |
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2006 Mileage -Charity rate |
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.14 cents per mile
(2006)
.14 cents per mile (2007) |
| 2006 Milage -Medical and Moving
Rate |
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.18 cents per mile (2006)
.20 cents per mile (2007) |
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Payroll tax rules
Part A and
Part B for
employees or owners using a company vehicle |
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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 |
2006 Maximum contributions and limits to pensions, IRA,
and 401 K
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Click here for official source for:
2006 limitations
2007 limitations |
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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) |
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2006 Catch up contribution
Limit
(over age 50) |
$ 5,000
(2006 included in above)
$ 5,000
(2007 included in above)
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2006
Employer
contribution to 401K is limited
2006 total
additions (employer contribution plus employee contribution)
cannot exceed lesser of :
top |
Up
to 25% of compensation
2006:
$44,000 or 100 % of compensation.
2007:
$45,000 or
100% of compensation
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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.
top |
$ 220,000 (2006)
$ 225,000 (2007)
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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
top |
25% of the employee's W2 compensation (up to $220,000)
or
$ 44,000 (2006)
$ 45,000 (2007)
$450 for 2006
$500 for 2007
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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)
top |
$
2,500 (2006 & 2007)
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2006 Limit to
Traditional IRA, nondeductible IRA, or Roth IRA.
Who can contribute |
$ 4,000 +
over age 50 catch up
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IRA Catch up Deferral
(over age 50) |
$ 500 |
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Learn about small business pensions
2006 pension plan limits
top |
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2006 Maximum Earnings for Retirees
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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).
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over
age 65
2006 under age 65 reduction begins
top |
unlimited earnings permitted - no reduction
earnings over $ 12,480 ($1040/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 $33,240 (2006)
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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 2006 source
-
$ 5,150 2006 Standard
deduction for Single
$ 5,350 2007 Standard
deduction for Single
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$ 5,150 2006 Standard
deduction for Married filing separately
$ 5,350 2007 Standard
deduction for Married filing separately
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$ 7,550 2006 Standard
deduction for Head of household
$ 7,850 2007
Standard
deduction for Head of household
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$10,300 2006 Standard
deduction for Married filing Joint
$10,700 2007 Standard
deduction for Married filing Joint
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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 |
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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 |
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Head Of Household |
10,750
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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 |
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Married Joint |
15,100
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next 46,200
to 61,300
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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 |
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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 |
Top |
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Click here for:
2006 Corporate Rates
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top |
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2006 Gift Tax
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2006 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
2006 health insurance premiums
100%
(2002=70%
2003=100% 2004=100% 2005=100%)
top |
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Health Savings Accounts (HSA)
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High Deductible Health Plan and Contribution Limits
| |
Maximum
Annual Deductible |
Annual out-of- pocket does not exceed |
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2006 Self -only coverage annual deductible |
$1,050-$2,700
|
$5,250 |
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2006 Family coverage annual deductible |
$2,100-$5,450 |
$10,500 |
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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) |
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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
2006 50% deductible
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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
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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 |
|
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.
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 |
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2005
rates and limits -
Social Security, Mileage, Pension, 401K, IRA
|
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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 |
