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February 3, 2012 -
We have included for your quick reference our most frequently asked annual facts. We hope you find this a useful tool and look forward to talking as we move through the tax season.
As always, you are our mission. Please contact us for help with your mission. |
2012 Quick Facts - Mileage rates for 2012 are 55.5 cents per mile for business vehicles, 23 cents for medical or moving and 14 cents for charitable miles.
- Minimum wage rates are $7.25 for Federal and $7.70 for Ohio ($3.85 with tips).
- Unemployment rates are 0.6% (if current on State Unemployment payments, otherwise 6.0%) with a $7,000 wage limit for Federal and $9,000 limit with 0.7% - 11.4% for contribution rates for Ohio.
- Maximum taxable earnings for Social Security is $110,100 and rates are 4.2% for employer and employee through 2/29/12 and 6.2% after, and 1.45% for Medicare for both employer and employee.
- For 401(k), 403(b), and 457 plans the contribution limit is $17,000 and catch-up contribution for those over age 50 is $5,500.
- IRA and Roth IRA contribution limit is $5,000 and for those over age 50 is $6,000.
- Per Diem rate for transportation industry within U.S. is $59 per day.
- Other Per Diem rates by location can be found by clicking here.
- Applicable Federal Rates (AFRs) can be found by clicking here.
- 2012 Federal Income Tax Brackets can be found by clicking here.
- Section 179 deduction limit for 2012 is $125,000 with an overall property value limit of $500,000.
- Bonus depreciation is reduced from 100% of purchase price in 2011 to 50% in 2012.
- Corporate tax rates are currently scheduled to remain unchanged.
- Health Savings Account (HSA) Contribution limits are $6,250 for family, $3,100 for individual and over age 55 catch-up contribution is additional $1,000.
- Review tax filing deadlines, record retention guides, and other 2012 facts by clicking here or visit Taxes QuickGuide area of our website under Newsletters.
Many of these items are subject to change as part of the 2012 US Federal proposed operating budget (introduced in February 2011). The above rates are all current as of February 2012. You can rely on us to stay on top of any changes through the year and keep you informed.
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Fine Print:
Pursuant to Circular 230 promulgated by the Internal Revenue Service, if this communication or any attachment hereto, contains advice concerning any federal tax issue or submission, please be advised that it is not intended or written to be used, and that it cannot be used, for the purpose of avoiding federal tax penalties, unless otherwise expressly indicated. |
