|
Mileage Rates
| |
Before 7/01/08 |
After 6//30/08 |
2009 |
| Business |
.505 per mile |
.585 per mile |
.55 per mile |
| Charitable |
.14 |
.14 |
.14 |
| Medical & Moving |
.19 |
.27 |
.24 |
| Depreciation |
.21 |
.21 |
.21 |
Pension Limits
401(k)/403(b) Deferral Limits
| |
2008 |
2009 |
| Under age 50 |
$ 15,500 |
$ 16,500 |
| Age 50 and over |
$ 20,500 |
$ 22,000 |
IRA Contribution Limits
| |
2008 |
2009 |
| Under age 50 |
$ 5,000 |
$ 5,000 |
| Age 50 and over |
$ 6,000 |
$ 6,000 |
SIMPLE Deferral Limits
| |
2008 |
2009 |
| Under age 50 |
$ 10,500 |
$ 11,500 |
| Age 50 and over |
$ 13,000 |
$ 14,000 |
Social Security Information
Maximum Earnings Subject to:
| |
2008 |
2009 |
| Social Security tax |
$ 102,000 |
$ 106,800 |
| Medicare tax |
No limit |
No limit |
Maximum Social Security Tax
| |
2008 |
2009 |
| Employee |
$ 6,324.00 |
$ 6,621.60 |
| Self-employed |
$ 12,648.00 |
$ 13,243.20 |
Earnings Limit to Still Receive Full Social Security Benefits:
| |
2008 |
2009 |
| Under full retirement age |
$ 13,560 |
$ 14,160 |
| Year of full retirement age |
$ 36,120 |
$ 37,680 |
| Full retirement age |
No limit |
No limit |
Personal Exemptions
| 2009 |
$3,650 per exemption |
| 2008 |
$3,400 per exemption |
Standard Deuction Amounts
| |
Married Filing Jointly |
Single |
Head of Household |
| 2008 |
$10,900 |
$5,450 |
$8,000 |
| 2009 |
$11,400 |
$5,700 |
$8,350 |
Hope and Lifetime Learning Credits
Hope Credit Available (Post High School) for First Two Years
| |
2008 |
2009 |
| 100% of first year |
$ 1,200 |
$ 1,200 |
| 50% of the next year |
$ 1,200 |
$ 1,200 |
| Maxium Hope Credit |
$ 1,800 |
$ 1,800 |
Lifetime Learning after First Two Years
| |
2008 |
2009 |
| 20% of the first: |
$ 10,000 |
$ 10,000 |
|
