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
