| 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
|
|
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| 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 |
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| |
|
|
** 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 |
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. |
|
|
| |
|
Construction |
|
|
| |
|
|
|
|
|
|
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|
| 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 |
| |
|
|
|
|
|
|
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| 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) |
| |
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| 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 |
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