| Standard
Deductions |
2010 |
2009 |
| Joint
Or Qualifying Widow(er) |
$11,400 |
$11,400 |
| Single |
$5,700 |
$5,700 |
| Head Of
Household |
$8,400 |
$8,350 |
| Married
Filing Separately |
$5,700 |
$5,700 |
| Additional
For Elderly/Blind Married |
$1,100 |
$1,100 |
| Additional
For Elderly/Blind Unmarried |
$1,400 |
$1,400 |
Taxpayer
Claimed As Dependent (with
only unearned income) |
$950 |
$950 |
|
|
|
| Personal/Dependent
Exemption |
$3,650 |
$3,650 |
|
|
|
| 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 2010 |
$250,200\372,700 |
| Single |
No limit for 2010 |
$166,800\289,300 |
| Head Of
Household |
No limit for 2010 |
$208,500\331,000 |
| Married
Filing Separate |
No limit for 2010 |
$125,000\186,350 |
|
|
|
Beginning
of Itemized Deduction on
Phaseout Range - Based on AGI |
|
|
| Joint,
Single, Head of Household |
No limit for 2010 |
$166,800 |
| Married
Filing Separately |
No limit for 2010 |
$83,400 |
|
|
|
| FICA/SE
Tax Information |
|
|
| FICA/SE
Taxable Maximum Earnings |
$106,800 |
$106,800 |
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 |
$0.50 |
$0.55 |
|
Charity Work |
$0.14 |
$0.14 |
|
Medical/Moving |
$0.165 |
$0.24 |
|
|
|
| Earnings
Ceiling For Social Security |
|
|
|
Below Age 65 |
$14,160 |
$14,160 |
| Age
65-69 |
Unlimited |
Unlimited |
| Age
70 and Above |
Unlimited |
Unlimited |
|
|
|
| Federal
Minimum Wage
|
$7.25 |
Jan.-July 24 $6.55 |
| Federal
Minimum Wage |
- |
After July 25 $7.25 |
|
|
|
|
Ohio Minimum Wage |
$7.30 |
$7.30 |
| |
|
|
IRC
Section 179 Expense
Election |
$134,000 |
$250,000 |
|
|
|
|
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 |
|
