|
| | 2009 & 2010 Tax Savings Plans
| |
2009 |
2010 |
| IRA and Roth Contribution Limit |
$5,000 |
|
| IRA and Roth catch-up contribution limit* |
$1,000 |
|
| 401(k), 403(b), and 457 plan pretax
employee contribution limit |
$16,500 |
$16,500 |
| Catch-up contribution for 401(K), 403(b), 457 plans* |
$5,500 |
|
| SIMPLE |
$10,500 |
|
| Catch up Contribution* |
$2,500 |
|
| Education Savings Account contribution limit (Oregon
Amount) |
$4,000 |
|
| * You must be age 50 or older to make
catch-up contributions to an IRA or retirement plan. |
Estate Tax Federal:
| |
2009 |
2009 |
| Estate Tax Exemption |
$3,500,000 |
Unlimited |
| Total Estate Tax Rate |
45% |
-0- |
| Annual Gift Tax Exclusion |
$13,000 |
|
Mileage Rates for 2009 & 2010:
| |
2009 |
2010 |
| Business |
55.0 cents |
50.0 cents |
| Charitable |
14 cents |
14 cents |
| Medical & Moving |
24 cents |
16.5 cents |
Common Payroll Taxes & Standard Deductions
| |
2009 |
2009 |
| Social Security (OASDI) Wage Base |
106,500 |
106,800 |
| Medicare (HI) Wage Base |
No Limit |
No Limit |
| Social Security (OASDI) Percentage |
6.20% |
6.20% |
| Medicare (HI) Percentage |
1.45% |
1.45% |
| Total FICA Percentage |
7.65% |
7.65% |
| Maximum Social Security (OASDI) Withholding |
$6,603 |
$6,622 |
| Maximum Medicare (HI) Withholding |
No Limit |
No Limit |
| Personal Exemption |
$3,650 |
|
Standard Deduction:
Single
Joint
Head of Household |
$5,700
$11,400
$8,350
|
|
Social Securities earnings maximum before deduction of benefits:
Under Full Earnings Age (65-67)
Over Full Earnings Age (65-67) |
$14,160
-0- |
$14,160
-0- |
|
