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