Parking - March 2010 - 40

Business Tips and Tactics Important Tax Figures for 2010 “The nation should have a tax system that looks like someone designed it on purpose.” -- William Simon, Secretary of the Treasury, 1974-77 The following table provides some important federal tax information for 2010, compared with 2009. Many of the dollar amounts are unchanged or have changed only slightly due to low inﬂation. Other amounts are changing due to legislation. Social Security/ Medicare Social Security Tax Wage Base Medicare Tax Wage Base $ 106,800 No limit $ 106,800 No limit Individual Retirement Accounts Roth IRA Individual, up to 100% of earned income Traditional IRA Individual, up to 100% of earned Income Roth and traditional IRA additional annual “catch-up” contributions for account owners age 50 and older $ 5,000 $ 5,000 $ 1,000 $ 5,000 $ 5,000 $ 1,000 Qualiﬁed Plan Limits Deﬁned Contribution Plan Dollar limit on additions on Sections 415(c)(1)(A) Deﬁned Beneﬁt Plan limit on beneﬁts (Section 415(b)(1)(A)) Maximum compensation used to determine contributions 401(k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) 401(k), 403(b), 457 & SARSEP additional “catch-up” contributions for employees age 50 and older SIMPLE deferrals (Section 408(p)(2)(A)) SIMPLE additional “catch-up” contributions for employees age 50 and older Compensation deﬁning highly compensated employee (Section 414(q)(1)(B)) Compensation deﬁning key employee (ofﬁcer) Compensation triggering Simpliﬁed Employee Pension contribution requirement (Section 408(k)(2)(c)) $ 49,000 $ 195,000 $ 245,000 $ 16,500 $ 49,000 $ 195,000 $ 245,000 $ 16,500 $ 5,500 $ 5,500 $ 11,500 $ 2,500 $ 11,500 $ 2,500 $ 110,000 $ 110,000 $ 160,000 $ 550 $ 160,000 $ 550 National Parking Association PARKING March 2010
Parking - March 2010

Table of Contents for the Digital Edition of Parking - March 2010
