|
| Standard
Deductions |
2012 |
2011 |
| Joint
Or Qualifying Widow(er) |
$11,900 |
$11,600 |
| Single |
$5,950 |
$5,800 |
| Head Of
Household |
$8,700 |
$8,500 |
| Married
Filing Separately |
$5,950 |
$5,800 |
| Additional
For Elderly/Blind Married |
$1,150 |
$1,150 |
| Additional
For Elderly/Blind Unmarried |
$1,450 |
$1,450 |
Taxpayer
Claimed As Dependent (with
only unearned income) |
$950 |
$950 |
|
|
|
| Personal/Dependent
Exemption |
$3,800 |
$3,700 |
|
|
|
| Unearned
Income Without Kiddie Tax |
$1,900 |
$1,900 |
|
|
|
Beginning/Ending
Of Personal Exemption
Phaseout Range - Based On AGI |
|
|
| Joint
Or Qualifying Widow(er) |
No limit for 2012 |
No limit for 2011 |
| Single |
No limit for 2012 |
No limit for 2011 |
| Head Of
Household |
No limit for 2012 |
No limit for 2011 |
| Married
Filing Separate |
No limit for 2012 |
No limit for 2011 |
|
|
|
Beginning
of Itemized Deduction on
Phaseout Range - Based on AGI |
|
|
| Joint,
Single, Head of Household |
No limit for 2012 |
No limit for 2011 |
| Married
Filing Separately |
No limit for 2012 |
No limit for 2011 |
|
|
|
| FICA/SE
Tax Information |
|
|
| FICA/SE
Taxable Maximum Earnings |
$110,100 |
$106,800 |
FICA Tax Rate (Employee) |
6.2% |
4.2% |
| SE Tax
Rate |
10.4% |
10.4% |
|
|
|
| Medicare/SE
Tax Information |
|
|
Taxable Maximum Earnings |
Unlimited |
Unlimited |
| Medicare
Tax Rate (Employee) |
1.45% |
1.45% |
| SE Tax
Rate |
2.90% |
2.90% |
|
|
|
| Auto
Standard Mileage Allowances |
|
|
|
Business |
$0.555 |
$0.51/.555 |
|
Charity Work |
$0.14 |
$0.14 |
|
Medical/Moving |
$0.235 |
$0.19/.235 |
|
|
|
| Earnings
Ceiling For Social Security |
|
|
|
Below Age 65 |
$14,640 |
$14,160 |
| Age
65-69 |
Unlimited |
Unlimited |
| Age
70 and Above |
Unlimited |
Unlimited |
|
|
|
| Federal
Minimum Wage
|
$7.25 |
$7.25 |
|
|
|
|
Ohio Minimum Wage |
$7.70 |
$7.40 |
| |
|
|
IRC
Section 179 Expense
Election |
$139,000 |
$500,000 |
|
|
|
|
RECORD RETENTION GUIDELINES |
|
|
| RECORDS |
|
RETENTION
PERIODS |
|
|
|
| Tax Returns |
|
Permanent |
| Tax Return
Supporting Documentation |
|
*6 years |
| Tax and Legal
Correspondence |
|
Permanent |
| Audit Reports |
|
Permanent |
| Financial
Statements |
|
Permanent |
| General Ledger
and Journals |
|
*6 years |
| Depreciation
Schedules |
|
Life of Asset,
Plus 3 Years |
| Inventory Records |
|
*3 Years |
| LIFO Inventory
Records |
|
Permanent |
| Daily Sales
Records |
|
*3 Years |
| Paid Vendor
Invoices |
|
*3 Years |
Bank Statements,
Deposit Slips,
Cancelled Checks |
|
*6 Years |
| Payroll Records |
|
*5 Years |
| Contracts and
Leases |
|
Permanent |
| Real Estate
Records |
|
Permanent |
Corporate Stock
Records, Charter &
By-laws |
|
Permanent |
| Minutes
of meetings |
|
Life of Company |
|
|
*From tax return due date or filing date, plus any amended returns,
whichever is later
|
|