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Phone: 970-226-4686

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2011 Rate Updates

Posted on January 19, 2011 by Leasa Magnuson in Business Tax

Income Tax Information                                  2010          vs.              2011
Standard Mileage Rate cents per mile             $0.50                             $0.51
Personal Exemption                                         $3,650                          $3,750
Annual Gift Exemption                                    $13,000                         $13,000

The standard deduction amounts are as follows:
Single                                                                $5,700                           $5,800
Married Filing Jointly or Surviving Spouse      $11,400                         $11,600
Married Filing Separately                                  $5,700                           $5,800
Head of Household                                           $8,400                           $8,500

Payroll Tax Information
Federal Minimum Wage                                   $7.25                              $7.25
Colorado Minimum Wage – as of Jan. 1st       $7.24                              $7.36
Social Security Max. Taxable Earnings       $106,800                        $106,800
Social Security Tax Rate-employer                   6.2%                              6.2%
Social Security Tax Rate-employee                  6.2%                              4.2%
Medicare Tax Rate                                            1.45%                            1.45%
FUTA Maximum Taxable Earnings                  $7,000                            $7,000
FUTA Tax Rate (with max credit of 5.4%)         6.2%                               6.2%
CO SUTA Maximum Taxable Earnings         $10,000                          $10,000
CO SUTA Tax Rate                                          ——-varies by company——-

Employee Retirement Contribution Maximums:
401(k), 403(b) and SEP plans                       $16,500                          $16,500
SIMPLE plans                                                $11,500                          $11,500
Maximum catch up for 401(k) plans                $5,500                            $5,500
Maximum catch up for SIMPLE plans             $2,500                           $2,500

2011 Rate Updates

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4025 Automation Way #D1 (Map), Fort Collins, CO 80525 - Phone: 970-226-4686