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What are the traditional and Roth IRA Contribution Limits? Traditional and Roth IRA Contribution Limits
* indexed for inflation thereafter in $500 increments
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Where can I get specific IRS forms? By fax: 703.368.9694 By website: Internal
Revenue Service
Where can I get specific State of Michigan forms? By fax: 517.241.8730 By website: State
of Michigan
What are the FICA and Medicare limits and rates for 2007,2008? The social security wage base for 2007 is $97,500, and the rate is 6.2%. The Medicare rate is 1.45% with no base limit. For 2008, the base is $102,000.
What are the standard mileage rates for business miles driven during a year? Year 2007 - 48.5 cents per mile Year 2008 - 50.5 cents per mile
What is the Section 179 Expense Election Limit? For tax years beginning in 2006 the maximum deduction is $108,000. For tax years beginning in 2007 the maximum deduction is $125,000. For tax years beginning in 2008 the maximum deduction is $128,000. For tax years beginning in 2009 the maximum deduction will be adjusted for inflation. For tax years beginning in 2010 the maximum deduction is $25,000 per year.
What is the long-term capital gains rate? Sales and Exchanges (including installment payments received) received on or after May 6, 2003 and before Janary 1, 2009. A 15% maximum rate replaces the 20% maximum rate.
What is the tax rate on dividends received? Dividends received by an individual shareholder after December 31, 2002 are taxed at the same rates that apply to capital gains.
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