Higgins & Associates, CPA Inc.
2009 At A Glance:Personal exemption | $3,650 |
| Phaseout of personal exemptions starts (AGI*) | |
| couple filing jointly or qualifying widow(er)s | $250,200 |
| single individuals | $166,800 |
Standard mileage rate |
|
| business use | 55 cents |
| medical and moving | 24 cents |
| charitable | 14 cents |
Social Security earning limit |
|
| Under full retirement age | $14,160/yr |
| The year an individual reaches full retirement age Note: Applies only to earning for months prior to attaining full retirement age. | $37,680/yr |
| Month of full retirement age | no limit |
| Wage base, Social Security tax | $106,800 |
| Taxable wage base, Medicare | no limit |
2009 contribution limits |
|
| 401(k)s | $16,500 |
| additional catch-up amount | $5,500 |
| IRAs | $5,000 |
| additional catch-up amount for 50 years old + | $1,000 |
| SIMPLES | $11,500 |
| additional catch-up amount | $2,500 |
| |
| Automatic exemption from federal estate tax 2009 Gift tax exclusion 2009 and 2010 | $3.5 million |
*Adjusted Gross Income |