Ramie E Phillips, Jr.
PC, CPA

1130 Tienken Court
Suite 100
Rochester Hills, MI 48306

Faq's

What are the traditional and Roth IRA Contribution Limits?

Traditional and Roth IRA Contribution Limits

Tax Years Annual Contribution Limit Annual Catch-Up Contribution Age 50 or Older Max. Annual Contribution Limit Age 50 or Older (including Catch-up)
2016 $5,500 $1,000 $6,500
2017 $5,500 $1,000 $6,500

Where can I get specific IRS forms?

Internal Revenue Service

Where can I get specific State of Michigan forms?

State of Michigan

What are the FICA and Medicare limits and rates for 2016, 2017?

The social security wage base for 2016 is 6.2% of $118,500 and for 2017 is 6.2% of $127,200.

The Medicare rate is 1.45% with no base limit.

What are the standard mileage rates for miles driven during a year?

  2016 2017
Business miles driven 54.0 ¢ 53.5 ¢
Medical or moving 19.0 ¢ 17.0 ¢
Charitable 14.0 ¢ 14.0 ¢

What is the Section 179 Expense Election Limit?

For tax years beginning in 2013 the maximum deduction is $500,000.

What is the long-term capital gains rate?

The maximum capital gains rate is 15%

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.