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Comprehensive Suntax & Associates, Inc.
Professional Service On A Personal Level

 

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