12/19/2011

STANDARD DEDUCTIONS:

2011       $11,600

2012       $11,900

 

PERSONAL EXEMPTIONS:

2011       $3,700

2012       $3,800

 

AUTO STANDARD MILEAGE ALLOWANCES

Business

2011       .51 changing to .555 after 6/30/2011

2012       .555

Charitable

2011       .14

2012       .14

Moving/Medical

2011       .19 changing to .235 after 6/30/2011

2012       .23 (down a tad – this is correct)

 

IRA CONTRIBUTION MAXIMUMS

2011       $5,000 ($6,000 FOR THOSE 50 OR OLDER)

2012       $5,000 ($6,000 FOR THOSE 50 OR OLDER)

 

401(K) SALARY DEFERRAL MAXIMUMS

2011       $16,500 ($22,000 FOR THOSE 50 OR OLDER)

2012       $17,000 ($22,500 FOR THOSE 50 OR OLDER)

 

SIMPLE DEFERRAL MAXIMUMS

2011       $11,500 ($14,000 FOR THOSE 50 OR OLDER)

2012       $11,500 ($14,000 FOR THOSE 50 OR OLDER)

 

EARNINGS CEILING FOR SOCIAL SECURITY

2011       $14,160 (BELOW FULL RETIREMENT AGE)

2011       $37,680 (YEAR FULL RETIREMENT AGE IS REACHED)

2011       UNLIMITED (AT FULL RETIREMENT AGE)

 

2012       $14,640 (BELOW FULL RETIREMENT AGE)

2012       $38,880 (YEAR FULL RETIREMENT AGE IS REACHED)

2012       UNLIMITED (AT FULL RETIREMENT AGE)

 

SOCIAL SECURITY WAGE BASE

2011       $106,800

2012       $110,100