|
HELPFUL
TABLES
|
AUTOMOBILE
STANDARD MILEAGE RATES
|
|
Type of
Usage
|
2012
|
2011
from 7/1
|
|
Business
use of an auto
|
55.5
cents/mile
|
55.5 cents/mile
|
|
Charitable
mileage
|
14 cents/mile
|
14 cents/mile
|
|
Medical
mileage
|
23
cents/mile
|
23.5 cents/mile
|
|
Moving
expense mileage
|
23
cents/mile
|
23.5 cents/mile
|
|
2012
SOCIAL SECURITY TAX FOR EMPLOYEES
|
|
Type
of Tax
|
Tax
Base
|
Rate
|
Maximum
Tax
|
|
Social
security
|
$ 110,100
|
4.2%
through 2/29/2012, 6.2% thereafter
|
Depends
on payment dates
|
|
Medicare
|
no
limit
|
1.45%
|
no
limit
|
|
2011
SOCIAL SECURITY TAX FOR EMPLOYEES
|
|
Type
of Tax
|
Tax
Base
|
Rate
|
Maximum
Tax
|
|
Social
security
|
$106,800
|
4.2%
|
$
4,485.60
|
|
Medicare
|
no
limit
|
1.45%
|
no
limit
|
|
2012
SDI |
| Tax
Base |
Rate |
Maximum Tax |
| $95,585 |
1.0% |
$
955.85 |
|
2011
SDI |
| Tax
Base |
Rate |
Maximum Tax |
| $93,316 |
1.2% |
$1,119.79 |
|
SECTION
179 EXPENSE LIMITATION
|
|
Tax
Year
|
Federal
|
California
|
|
2008
|
$250,000
|
$25,000
|
|
2009
|
$250,000
|
$25,000
|
|
2010
|
$500,000
|
$25,000
|
|
2011
|
$500,000
|
$25,000
|
|
2012
|
$139,000
|
$25,000
|
|
SELF-EMPLOYED
HEALTH INSURANCE DEDUCTION
|
|
Tax
Year
|
Applicable
Percentage
|
|
2011
|
59.6%
of OASDI + 50% of Medicare
|
| Retirement
Plan Maximum Limits |
|
Type of
Plan |
2012 |
2011 |
| IRA -
Regular & Roth |
$5,000 +
$1,000 age 50+ |
$5,000
+ $1000 age 50+ |
| IRA -
Education |
$2,000 |
$2,000 |
| 401K |
$17,000 +
$5,500 age 50+ |
$16,500
+ $5,500 age 50+ |
| SIMPLE |
$11,500 +
$2,500 age 50+ |
$11,500
+ $2,500 age 50+ |
| SEP-IRA |
$50,000 (25%
of comp up to $250,000) |
$49,000
(25% of comp up to $245,000) |
| Qualified
defined contribution plans |
$50,000 (25%
of comp up to $250,000) |
$49,000
(25% of comp up to $245,000) |
|
Uniform
Lifetime Table for Required Minimum Distributions |
|
Age of employee
(@ end of year) |
Distribution
period (in years) |
Age
of employee
(@ end of year) |
Distribution
period (in years) |
| 70 |
27.4 |
93 |
9.6 |
| 71 |
26.5 |
94 |
9.1 |
| 72 |
25.6 |
95 |
8.6 |
| 73 |
24.7 |
96 |
8.1 |
| 74 |
23.8 |
97 |
7.6 |
| 75 |
22.9 |
98 |
7.1 |
| 76 |
22 |
99 |
6.7 |
| 77 |
21.2 |
100 |
6.3 |
| 78 |
20.3 |
101 |
5.9 |
| 79 |
19.5 |
102 |
5.5 |
| 80 |
18.7 |
103 |
5.2 |
| 81 |
17.9 |
104 |
4.9 |
| 82 |
17.1 |
105 |
4.5 |
| 83 |
16.3 |
106 |
4.2 |
| 84 |
15.5 |
107 |
3.9 |
| 85 |
14.8 |
108 |
3.7 |
| 86 |
14.1 |
109 |
3.4 |
| 87 |
13.4 |
110 |
3.1 |
| 88 |
12.7 |
111 |
2.9 |
| 89 |
12.0 |
112 |
2.6 |
| 90 |
11.4 |
113 |
2.4 |
| 91 |
10.8 |
114 |
2.1 |
| 92 |
10.2 |
115+ |
1.9 |
|
LUXURY
AUTOMOBILE DEPRECIATION LIMITS
(passenger
autos rated at 6,000 pounds unloaded GVW or less)
|
|
Placed
in Service
|
First
Year
|
Later
Years
|
|
2012
|
$
TBA
|
Yr
2 TBA
Yr
3 TBA
Yr
4+ TBA
|
|
2011
|
$
3,060
|
Yr 2
$4,900 Yr
3 $2,950
Yr 4+ $1,775
|
|
LUXURY
AUTOMOBILE DEPRECIATION LIMITS
(light
trucks/vans - passenger autos built on a truck chassis, including
mini-vans and SUVs )
|
|
Placed
in Service
|
First
Year
|
Later
Years
|
|
2012
|
TBA
|
Yr
2
TBA
Yr
3 TBA
Yr
4+ TBA
|
|
2011
|
$3,260
|
Yr 2
$5,200 Yr
3 $3,150
Yr 4+ $1.875
|
|
APPLICABLE
EXCLUSION AMOUNT (ESTATE & GIFT TAX)
|
|
2006-2008
|
2,000,000
|
|
2009
|
3,500,000
|
|
2010
|
Repealed
* Can elect 2011 law
|
|
2011
|
5,000,000
|
|
2012
|
5,120,000
|
| CALIFORNIA
LLC FEES |
| Income below
$250,000 |
$
0 |
| $250,000 or
more, but less than $500,000 |
900 |
| $500,000 or
more, but less than $1 million |
2,500 |
| $1 million or
more, but less than $5 million |
6,000 |
| $ 5 million or
more |
11,790 |
|