Erpelding, Voigt & Company, CPA
Home
Our Firm
EV & Company Team
Services
Client Center
Career Opportunities
Contact Us

307 E Call St
PO Box 678
Algona, IA 50511
ph: (515) 295-7275
fax: (515) 295-7917

102 N Main
PO Box 9
Buffalo Center, IA 50424
ph: (641) 562-2521
422 Sumner Avenue
PO Box 396
Humboldt, IA 50548
ph: (515) 332-2701
fax: (515) 332-2761
1801 Hwy 71 N
PO Box 605
Okoboji, IA  51355
ph: (712) 332-2443
fax: (712) 332-2318

Providing Quality Services Since 1974

Northwest Web Solutions

 


STANDARD MILEAGE RATES
 
2010
2009
2008
2007
Medical
$0.165
$0.24
*$0.19
$0.20
 
**$0.27
 
Moving Expense
$0.165
$0.24
*$0.19
$0.20
 
**$0.27
 
Charitable - Federal
$0.14
$0.14
$0.14
$0.14
Charitable - Iowa
$0.34
Business
$0.50
$0.55
*$0.505
$0.485
     
**$0.585
 
         
     
* 1/1-6/30/08
 
     
** 7/1-12/31/08
 

DEPRECIATION LIMITATIONS
 
2010
2009
2008
2007
After:
12/31/2009
12/31/08
12/31/07
12/31/06
But before:
1/1/2011
01/01/10
01/01/09
01/01/08
     
MAXIMUM DEDUCTION - CARS:
 

1st Tax Year

3,060

2,960/
***10,960

2,960/
***10,960
3,060
 

2nd Tax Year

4,900
4,800
4,800
4,900
 

3rd Tax Year

2,950
2,850
2,850
2,850
 

Each Yr+

1,775
1,775
1,775
1,775
     
*** 50% bonus - 1/1/08 to 12/31/09  
         
MAXIMUM DEDUCTION - LIGHT TRUCKS, VANS AND SUV'S
 

1st Tax Year

3,160
3,060/
***11,160
3,160/
***11,160
3,260
 

2nd Tax Year

5,100
4,900
5,100
5,200
 

3rd Tax Year

3,050
2,950
3,050
3,050
 

Each Yr+

1,875
1,775
1,875
1,875
   
*** 50% bonus - 1/1/08 to 12/31/09  
         
SEC 179 AMOUNTS:
134,000
134,000
250,000
125,000
  IA (If different)     133,000  
  SUVs 25,000 25,000 25,000  
  Phaseout Threshold 530,000 530,000 800,000  
  IA Phaseout
(if different)
    530,000  

Payroll Information
     
2010

2009

     
Soc. Sec. only
Medicare only
Soc. Sec. & Medicare
Soc. Sec. only
Medicare only
Soc. Sec. & Medicare
FICA
  Employee rate
6.20%
1.45%
7.65%
6.20%
1.45%
7.65%
  Employer rate
6.20%
1.45%
7.65%
6.20%
1.45%
7.65%
    Total Rate
12.40%
2.90%
15.30%
12.40%
2.90%
15.30%
     
   Self-employed rate
12.40%
2.90%
15.30%
12.40%
2.90%
15.30%
     
   Wages subject to tax:
    Social Security
Wages up to $ 106,800
Wages up to $ 106,800
    Medicare
All wages (no limit)
All wages (no limit)
     
FUTA
  Maximum wages subject to tax
$ 7,000
$ 7,000
   Net rate
0.8%
0.8%
     
SUTA - (Job Service)
   Maximum wages subject to tax
$ 24,500
$ 23,700
  Surcharge rate
0.0%
0.0%
   New Employers - Non Const.
1.00%
1.00%
     Construction
8.00%
8.00%
     
MAXIMUM RETIREMENT PLAN CONTRIBUTIONS
  401(k) plans, 403(b) annuities, salary reduction SEP's
$ 16,500
$ 16,500
    If age 50 or over
$ 22,000
$ 22,000
  SIMPLE plans
$ 11,500
$ 11,500
    If age 50 or over
$ 14,000
$ 14,000
  Traditional IRA, Roth IRA
$ 5,000
$ 5,000
    If age 50 or over
$ 6,000
$ 6,000
  SEP, Profit Sharing Plan, Stock Bonus Plan (KEOGH)
$ 49,000
$ 49,000
     
SS BENEFITS
   Maximum earned income before SS benefits will be reduced:
    Below age 66
$ 14,160
$ 14,160
    Age 66 - 69
No limit *
No limit **
    Age 70 +
No limit
No limit
  * Limited to $37,680 for the months of the year before full retirement age is reached (66 years & 0 months)
  ** Limited to $37,680 for the months of the year before full retirement age is reached (66 years & 0 months)
   
MINIMUM WAGE
  Federal (effective 9-1-97)
$ 5.15
  Federal (effective 7-24-07)
$ 5.85
  Federal (effective 7-24-08)
$ 6.55
  Federal (effective 7-24-09)
$ 7.25
  IA (effective 9-1-97)
$ 5.15
  IA (effective 4-1-07)
$ 6.20
  IA (effective 1-1-08)
$ 7.25

Home l Our Firm l EV & Co. Team l Services l Client Center l Career Opportunities | Contact Us