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2010, 2011, & 2012 IRS Rates and Limits |
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Mileage RatesThe IRS has increased auto mileage allowance rates for the second half of 2011 as a result of increasing gas prices.The 2011 rates are as follows: |
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1-1-11 to 6-30-11 |
7-1-11 to 12-31-11 |
2010 |
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Standard Mileage Rate |
51.0 | 55.5 | 50.0 |
| Medical/Moving | 19.0 | 23.5 | 16.5 |
| Charity | 14.0 | 14.0 | 14.0 |
Retirement Plans Contribution Limits |
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Type of Retirement Plan |
2012 |
2011 |
2010 |
| Individual retirement Account (IRA) | $5,000 | $5,000 | $5,000 |
| Catch-up amount, age 50 and older | $1,000 | $1,000 | $1,000 |
| 401(k) | $17,000 | $16,500 | $16,500 |
| Catch-up amount, age 50 and older | $5,500 | $5,500 | $5,500 |
| Simple Plan | $11,500 | $11,500 | $11,500 |
| Catch-up amount, age 50 and older | $2,500 | $2,500 | $2,500 |
| SEP IRA contribution limit | $50,000 | $49,000 | $49,000 |
| In order to maximize the tax benefits of your retirement contributions the following amounts reflect the maximum contributions for the respective years: | |||
Other Government Limits and Rates |
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2012 |
2011 |
2010 |
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| Health Savings Account: Self Only Coverage | $3,100 | $3,050 | $3,050 |
| Health Savings Account: Family Coverage | $6,250 | $6,150 | $6,150 |
| Health Savings Account: 55 and Older Additional Contribution | $1,000 | $1,000 | $1,000 |
| Annual Gift Tax Exclusion Amount | $13,000 | $13,000 | $13,000 |
| Estate Tax Applicable Exclusion Amount | $5,000,000 | $5,000,000 | unlimited |
| Maximum Taxable Payroll Earnings | |||
| For Social Security | $110,100 | $106,800 | $106,800 |
| Employee Social Security Rate | 6.20% | 4.20% | 6.20% |
| Medicare Tax Rate | 1.45% | 1.45% | 1.45% |
| IDES Taxable Wage Base | $13,560 | $12,740 |
$12,560 |
| IDES Maximum Tax Rate | 9.54% | 8.60% |
7.10% |
| IDES New Employer Rate | 3.35% |
3.35% |
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| IDES Minimum Tax Rate | .55% | .6%. |
.7% |
| Illinois Income Tax Rate | 5% | 5% |
3% |
| Section 179 Depreciation expense | |||
| Annual limitation | $139,000 | $500,000 | $500,000 |
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Copyright (c) 2011 Cronin & Associates, Ltd. All rights reserved. |