On this page you'll find helpful reference numbers such as rates, limits, and phase-outs. There are also rules and regulations about various tax subjects for you to review. If you have any questions about these numbers, please don't hesitate to contact us. Thanks!
Mileage Rates
2010: Standard Mileage Rate: $0.50 / mile Medical Mileage Rate: $0.165/mile
Charitable Mileage Rate: $0.14/mile
2011: Standard Mileage Rate: $0.51 / mile Medical Mileage Rate: $0.19/mile
Charitable Mileage Rate: $0.14/mile
Retirement Plan Contribution Limits
- IRA (Age 49 & Below)
$5,000 $5,000
- Catch-up for IRA (Over 50) $1,000 $1,000
- Defined Contribution Plans $49,000 $49,000
- 401(k), 403(b), & SAR-SEP $16,500 $16,500
- Catch-up for401(k), 403(b), & SAR-SEP (Over 50) $5,500 $5,500
- Simple Plan $11,500 $11,500
- Catch-up for Simple Plan (Over 50) $2,500 $2,500
- Max Compensation for Determining Contributions $550 $550
- Social Security Taxable Wage Base $106,800 $106,800
2010 Personal Income Tax Rates
Marginal Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household
10% $0 - $8,375 $0 -$16,750 $0 - $8,375 $0 - $11,950
15% $8,375- $34,000 $16,750 - $68,000 $8,375 - $34,000 $11,950 - $45,550
25% $34,000 - $82,400 $68,000- $137,300 $34,000 - $68,650 $45,550 - $117,650
28% $82,400 - $171,850 $137,300 - $209,250 $68,650 - $104,625 $117,650 - $190,550
33% $171,850 - $373,650 $209,250 - $373,650 $104,625-– $186,825 $190,550 - $373,650
35% $373,650+ $373,650+ $186,825+ $373,650+
2010 Corporate Tax Rates
Marginal Tax Rate Taxable Income
34% $75,000 - $100,000
39% $100,000 - $335,000
34% $335,000 - $10,000,000
35% $10,000,000 - $15,000,000
38% $15,000,000 - $18,333,333
35% $18,333,333+
2010 Estates and Trusts
Taxpayers can elect to use 2010 rules or 2011 rules. This means that they can elect to use the 2010 rules where no estate tax was due. This does mean, however, that they missed out on the stepped up basis provisions. Basically, taxpayers who inherit appreciated assets under 2010 rules, have to keep the original basis of the decedent. 2011 Rules specify a $5 million exemption per individual (transferable to spouse) and include stepped up basis.
Marginal Tax Rate* Taxable Income
*Under 2011 Rules. (2010 Rules have 0% Rate)
Miscellaneous Tax Limitations
Estate Tax Exemption Amount Choice of no Estate Tax with no stepped-$5 Million per individual
Up Basis or $5 million per individual with
Gift Tax Exclusion (Per Person) $13,000 $13,000
Section 179 Limit $500,000 $500,000
Section 179 Phase-out
(Property Placed in Service) $2,000,000 $2,000,000
SUV Section 179 Limitation $25,000 $25,000
HSA Contribution Limit (Individual) $3,050 $3,050
HSA Contribution Limit (Family) $6,150 $6,150
Dependents Required to File If Earned
Income Exceeds $5,700 to be announced
OR Unearned Income Exceeds $950 to be announced
Formerly Galoia and Co LLC
Lisa Galoia, EA
7610 40th St W Suite 100
University Place, WA 98466
(253) 564-0404
(253) 564-0808 Fax
