Vehicle mileage rates:
Business:--$0.505
Charitable:--$0.14
Medical:--$0.19
Moving/Relocation:--$0.19

2007 Important Data

Social Security wage limit: -- $97,500 -- Tax rate: 6.2%
Medicare wage limit: -- no limit -- Tax rate: 1.45%
MESC limit:--$9,000
Michigan new hire reports must be submitted within 20 calendar days of date of hire.

Vehicle mileage rates:
Business:--$0.485
Charitable:--$0.14
Medical:--$0.20
Moving/Relocation:--$0.20

Annual Gift Exclusion:--$12,000

Pension Plan Limitations:

Salary Deferral (pretax) Limits
401(k) or 403(b)--$15,500 plus $5,000 additional for taxpayers age 50 and over
SEP or 501(c)(18)(D)--$15,500
SIMPLE plans--$10,500 plus $2,500 additional for taxpayers age 50 and over

Section 415 Annual Benefits Limits:
Defined benefit plans--$180,000
Defined contribution plans--$45,000

Compensation Limits:
Qualified plans--$225,000

Individual Retirement Accounts:
Maximum combined contribution:--$4,000
Individuals age 50 or over may be eligible to make additional "catch-up"
elective contributions of $1,000.

For more information on any of our services, please e-mail us at pmiller@millerpc.com or call (734) 971-3900.