Need-To-Know-Info
| Retirement Limitations | 20101 | 20112 | 20123 |
|---|---|---|---|
| Elective Deferrals 401(k) and 403(b) (not including adjustments and catch-ups) |
$16,500 | $16,500 | $17,000 |
| 401(k) Catch-Up Contribution Limit | $5,500 | $5,500 | $5,500 |
| 457(b)(2) and 457(c)(1) Limits (not including catch-ups) |
$16,500 | $16,500 | $17,000 |
| Defined Benefit Plans | $195,000 | $195,000 | $200,000 |
| Defined Contribution Plans | $49,000 | $49,000 | $50,000 |
| Annual Compensation Limit | $245,000 | $245,000 | $250,000 |
| Individual Retirement Accounts (IRAs), for Individuals 49 and Below |
$5,000 | $5,000 | $5,000 |
| Individual Retirement Accounts (IRAs), for Individuals 50 and Above |
$6,000 | $6,000 | $6,000 |
| SIMPLE Retirement Accounts | $11,500 | $11,500 | $11,500 |
| SIMPLE Retirement Catch-Up Contribution Limit | $2,500 | $2,500 | $2,500 |
| 1 2010 limits reflect issuance of IRS Notice 2009-94, 2009-50 I.R.B. 848 (December 14, 2009). | |||
| 2 2011 limits reflect issuance of IRS Notice 2010-78, 2010-49 I.R.B. 808 (December 6, 2010). | |||
| 3 2012 limits reflect issuance of IRS News Release IR-2011-103 (October 20, 2011). | |||
| Payroll Tax Data | 20101 | 20112 | 20123 |
|---|---|---|---|
| Income Subject to Social Security Tax | $106,800 | $106,800 | $110,100 |
| FICA Tax for Employers | 7.65% | 7.65% | 7.65% |
| FICA Tax for Employees | 7.65% | 5.65% | 5.65%* |
| Social Security Tax for Employers | 6.2% | 6.2% | 6.2% |
| Social Security Tax for Employees | 6.2% | 4.2% | 4.2%* |
| Medicare Tax for Employees and Employers | 1.45% | 1.45% | 1.45% |
| FICA Tax for self-employed workers | 15.3% | 13.3% | 13.3%* |
| Social Security Tax for Self-Employed Workers | 12.4% | 10.4% | 10.4%* |
| Medicare Tax for Self-Employed Workers | 2.9% | 2.9% | 2.9% |
| 1 2010 rates reflect issuance of Social Security Administration News Release (October 15, 2009). | |||
| 2 2011 rates reflect issuance of Social Security Administration News Release (October 15, 2010). | |||
| 3 2012 rates reflect issuance of Social Security Administration News Release (October 20, 2011). | |||
| * These payroll tax rates are currently set to expire on 3/1/12, at which time the social security tax component for employees, is set to return to 6.2%. | |||
| Mileage Reimbursements | 20101 | 20112 | 20123 | |
|---|---|---|---|---|
| 1/1 to 12/31 | 1/1 to 6/30 | 7/1 to 12/31 | 1/1 to Current | |
| Business Mileage | .50/mile | .51/mile | .555/mile | .555/mile |
| Medical/Moving Mileage | .165/mile | .19/mile | .235/mile | .23/mile |
| Charitable Mileage | .14/mile | .14/mile | .14/mile | .14/mile |
| 1 2010 rates reflect issuance of IRS Announces 2010 Standard Mileage Rates (December 3, 2009). | ||||
| 2 2011 rates reflect issuance of IRS Announces 2011 Standard Mileage Rates (December 3, 2010) and IRS Increases Mileage Rate to 55.5 Cents per Mile (June 23, 2011). | ||||
| 3 2012 rates reflect issuance of IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July (December 9, 2011). | ||||
| Miscellaneous Tax Data | 2010* | 2011* | 2012* |
|---|---|---|---|
| Gift Tax Exclusion | $13,000 | $13,000 | $13,000 |
| * As published in IRS Publication 950. | |||
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