| 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 |
1001
12th St N
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
|
|
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| STANDARD MILEAGE
RATES |
| |
2007 |
2006 |
2005 |
Medical
|
$0.20 |
$0.18 |
$0.15 |
Moving Expense
|
$0.20 |
$0.18 |
$0.15 |
Charitable - Federal
|
$0.14 |
$0.14 |
$0.14 |
Business
|
$0.485 |
$0.445 |
$0.405 |
| DEPRECIATION
LIMITATIONS FOR AUTOMOBILES (100% BUS. USE) |
| |
2007 |
2006 |
2005 |
2004 |
| After: |
12/31/06 |
12/31/05 |
12/31/04 |
12/31/03 |
| But before: |
01/01/08 |
01/01/07 |
01/01/06 |
01/01/05 |
| |
|
|
|
|
| MAXIMUM DEDUCTION - CARS:
|
| |
1st Tax Year |
3,060 |
2,960 |
2,960 |
10,610 |
| |
2nd Tax Year |
4,900 |
4,800 |
4,700 |
4,800 |
| |
3rd Tax Year |
2,850 |
2,850 |
2,850 |
2,850 |
| |
Each Yr+ |
1,775 |
1,675 |
1,675 |
1,675 |
| |
|
|
|
|
| MAXIMUM DEDUCTION - LIGHT TRUCKS,
VANS AND SUV'S (<6,000 LBS):
|
| |
1st Tax Year |
3,260 |
3,260 |
3,260 |
10,910 |
| |
2nd Tax Year |
5,200 |
5,200 |
5,200 |
5,300 |
| |
3rd Tax Year |
3,050 |
3,150 |
3,150 |
3,150 |
| |
Each Yr+ |
1,875 |
1,875 |
1,875 |
1,875 |
| |
|
|
|
|
SEC 179 AMOUNTS:
|
125,000 |
108,000 |
105,000
|
102,000 |
| Payroll
Information |
| |
|
|
2007
|
2006
|
| |
|
|
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 $ 97,500 |
Wages
up to $ 94,200 |
| |
|
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 |
$
22,000 |
|
| |
Surcharge
rate |
0.0% |
0.0% |
| |
New
Employers - Non Const. |
|
|
| |
|
Construction |
|
|
| |
|
|
|
|
|
|
|
|
| MAXIMUM
RETIREMENT PLAN CONTRIBUTIONS |
|
| |
401(k)
plans, 403(b) annuities, salary reduction SEP's |
$
15,500 |
$
15,000 |
| |
|
If
age 50 or over |
$
20,500 |
$
20,000 |
| |
SIMPLE
plans |
$
10,500 |
$
10,000 |
| |
|
If
age 50 or over |
$
13,000 |
$
12,500 |
| |
Traditional
IRA, Roth IRA |
$
4,000 |
$
4,000 |
| |
|
If
age 50 or over |
$
5,000 |
$
5,000 |
| |
SEP,
Profit Sharing Plan, Stock Bonus Plan (KEOGH) |
$
45,000 |
$
44,000 |
| |
|
|
|
|
|
|
|
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| SS
BENEFITS |
|
|
|
|
|
|
| |
Maximum
earned income before SS benefits will be reduced: |
|
|
|
|
|
|
| |
|
Below
age 65 |
$
12,960 |
$
12,480 |
| |
|
Age
65 - 69 |
No
limit * |
No
limit * * |
| |
|
Age
70 + |
No
limit |
No
limit |
| |
*
Limited to $34,440 for the months of the year before
full retirement age is reached (65 years & 10 months) |
| |
*
* Limited to $33,240 for the months of the year before
full retirement age is reached (65 years & 8 months) |
| |
|
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|
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| MINIMUM
WAGE
|
|
|
|
| |
Federal
(effective 9-1-97) |
$
5.15 |
$
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 |
$
5.15 |
| |
IA (effective 4-1-07) |
$
6.20 |
|
| |
IA (effective 1-1-08) |
$
7.25 |
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