Happy New Year! The last couple of times I have talked about steps that need to be done at the end of the year for businesses. This week I thought I would give you some fast facts about common tax item rates for 2010.
Income Tax Information
Standard Mileage Rate cents per mile $0.50
Personal Exemption $3,650
Personal Exemption Phase Out – Singles N/A
Personal Exemption Phase Out – Married filing jointly N/A
Personal Exemption Phase Out – Married filing separately N/A
Personal Exemption Phase Out – Head of Household N/A
Annual Gift Exemption $13,000
The standard deduction amounts are as follows
Single $5,700
Married Filing Jointly or Surviving Spouse $11,400
Married Filing Separately $5,700
Head of Household $8,400
Payroll Tax Information
Federal Minimum wage $7.25
Colorado Minimum wage $7.28
Social Security Maximum Taxable Earnings $106,800
Social Security Tax Rate 6.2%
Medicare Tax Rate 1.45%
FUTA Maximum Taxable Earnings $7,000
FUTA Tax Rate (with max credit of 5.4%) 0.8%
CO SUTA Maximum Taxable Earnings $10,000
CO SUTA Tax Rate ——-varies by company——-
Employee Retirement Contribution Maximums
401(k), 403(b) and SEP plans $16,500
SIMPLE plans $11,500
Maximum catch up for 401(k) plans $5,500
Maximum catch up for SIMPLE plans $2,500
I hope you found this information useful!
