|
| Standard
Deductions |
2008 |
2007 |
| Joint
Or Qualifying Widow(er) |
$10,900 |
$10,700 |
| Single |
$5,450 |
$5,350 |
| Head Of
Household |
$8,000 |
$7,850 |
| Married
Filing Separately |
$5,450 |
$5,3150 |
| Additional
For Elderly/Blind Married |
$1,050 |
$1,050 |
| Additional
For Elderly/Blind Unmarried |
$1,350 |
$1,300 |
Taxpayer
Claimed As Dependent (with
only unearned income) |
$900 |
$850 |
|
|
|
| Personal/Dependent
Exemption |
$3,500 |
$3,400 |
|
|
|
| Unearned
Income Without Kiddie Tax |
$1,800 |
$1,700 |
|
|
|
Beginning/Ending
Of Personal Exemption
Phaseout Range - Based On AGI |
|
|
| Joint
Or Qualifying Widow(er) |
$239,950\362,450 |
$234,600\361,900 |
| Single |
$159,950\282,450 |
$156,400\279,550 |
| Head Of
Household |
$199,950\322,450 |
$195,500\320,350 |
| Married
Filing Separate |
$119,975\181,225 |
$117,300\180,950 |
|
|
|
Beginning
of Itemized Deduction on
Phaseout Range - Based on AGI |
|
|
| Joint,
Single, Head of Household |
$159,950 |
$156,400 |
| Married
Filing Separately |
$79,975 |
$78,200 |
|
|
|
| FICA/SE
Tax Information |
|
|
| FICA/SE
Taxable Maximum Earnings |
$102,000 |
$97,500 |
FICA Tax Rate (Employee) |
6.2% |
6.2% |
| SE Tax
Rate |
12.4% |
12.4% |
|
|
|
| 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 * |
$0.505 |
$0.485 |
|
Charity Work |
0.14 |
0.14 |
|
Medical/Moving |
0.19 |
0.20 |
|
|
|
| Earnings
Ceiling For Social Security |
|
|
|
Below Age 65 |
$13,560 |
$12,960 |
| Age
65-69 |
Unlimited |
Unlimited |
| Age
70 and Above |
Unlimited |
Unlimited |
|
|
|
| Federal
Minimum Wage |
$5.85 |
$5.15 |
|
|
|
IRC
Section 179 Expense
Election |
$128,000 |
$125,000 |
|
|
|
|
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
|
|
