Information Center
INCOME TAX
- 2011 Individual Income Tax Rates
- 2011 Long-term Capital Gains & Qualifying dividends
- 2011 Personal exemption amount is $3,700
- 2011 Standard deduction amount for those that do not itemize is $5,800/single, $11,600/married filing joint, $8,500/head of household
- Standard mileage rate for (Jan-Jun) 2011 is 51 cents per mile for business travel.
- Standard mileage rate for (Jul-Dec) 2011 is 55.5 cents per mile for business travel.
- Standard mileage rate for 2012 is 55.5 cents per mile for business travel.
- 2011 Corporate Income Tax Rates
- Maximum Section 179 Expense is $500,000 for 2011 and $139,000 for 2012.
- Record Retention Schedule Use this schedule to find out how long to keep your personal and business records.
- Farmer's Gift of Commodity Information on gifting of commodities to charitable organizations
PAYROLL TAX
- The wage limit subject to Social security tax for 2012 has increased to $110,100.
- There is no limit on the wages subject to Medicare.
- The Tax Relief Act of 2010 provides a "payroll tax holiday" by reducing an EMPLOYEE's share of Social Security taxes from 6.2% to 4.2% up to the taxable maximum of $110,100 for calendar year 2011. This Act remains in effect for January and February of 2012. The new law does NOT reduce the EMPLOYER's share, which remains at 6.2% for 2011. No change was made to the medicare portion which is 1.45% for both employee and employer. Therefore, when figuring your payroll tax deposit, be sure to take the Social Security wages times .133 (13.3%) plus the federal tax withholding.
- Employee or Independent Contractor?
GIFT TAX
- Annual exclusion for gifts for 2012 is $13,000
- Annual exclusion for gifts for 2011 is $13,000
- Annual exclusion for gifts for 2010 is $13,000