 |
Reference Guide
| | 2008 | 2009 |
|---|
Standard Mileage Rates:
|
|---|
| Business Travel: | |
50.5¢ / 58.5¢ * |
| |
55¢ |
| Medical and Moving Travel: | |
19¢ / 27¢ * |
| |
24¢ |
| Charitable Travel: | |
14¢ |
| |
14¢ |
| * higher rate effective 7/1/08 |
Standard Deductions:
|
|---|
| Single: | $ |
5,450 |
| $ |
5,700 |
| Married: | $ |
10,920 |
| $ |
11,400 |
| Head of Household: | $ |
8,000 |
| $ |
8,350 |
Social Security:
|
|---|
| Wage Base | $ |
102,000 |
| $ |
106,800 |
| Medicare Part B Base Premium | $ |
96.40 |
| $ |
96.40 |
Other Amounts:
|
|---|
| Estate Tax Exemption: | $ |
2,000,000 |
| $ |
3,500,000 |
| Annual Gift Exclusion: | $ |
12,000 |
| $ |
13,000 |
| 401(k) Maximum Payin: | $ |
15,500 |
| $ |
16,500 |
| 401(k) "Catch Up" Payin: |
$ |
5,000 | | $ |
5,500 |
| SIMPLE Retirement Accounts: |
$ |
10,500 |
|
$ |
11,500 |
| Personal Exemption: |
$ |
3,500 |
|
$ |
3,650 |
Amount of money that you can earn before your Social Security Benefits get reduced:
|
|---|
| Full Retirement Age (FRA): | |
66 yrs | | |
66 yrs |
| Age 62 thru FRA: | $ |
13,560 | | $ |
14,160 |
| In the year you reach FRA up to the month you reach FRA: | $ |
36,120 | | $ |
37,680 |
| Over FRA: | | No Limit | | | No Limit |
Hiring of New Employees
When you hire a new employee, you must remit a copy of Form W-4 (visit our
Forms page for a copy) to New York State
within 15 days of the date of hire. This can be done by either fax or mail to:
By Fax: 518-463-4514
By Mail:
New York State Department of Taxation and Finance
New Hire Notification
P.O. Box 15119
Albany, NY 12212-5119
IRS CIRCULAR 230 NOTICE: To ensure compliance with IRS requirements, we inform you that any U.S. tax advice
contained on this web site is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties
or in connection with promoting or marketing materials.
|
|
|