2011 Contributions & Allowances
2011 Retirement plan contribution limits
- Traditional or Roth IRA $ 5,000
(if 50 or older on December 31) $ 6,000
- SIMPLE-IRA $ 11,500
(if 50 or older on December 31) $ 14,000
- 401(k), 403(b) and 457 plans $ 16,500
(if 50 or older on December 31) $ 22,000
Deductible IRA contribution amounts may be reduced or eliminated if you (or your spouse) are covered by a “qualified retirement plan”. In 2011 there are income limitations for making Roth IRA contributions even if you are not covered by a qualified plan.
Traditional-to-Roth IRA conversions: In 2011 there are no income limitations but the federal tax on converted amounts must be paid in the year the conversion is done.
SEP-IRA
25% of eligible compensation up to $ 49,000.
-
Mileage rates January 1 – June 30, 2011
- Business mileage 51 cents per mile
- Medical or Moving mileage 19 cents per mile
- Charitable mileage 14 cents per mile.
- Business mileage 55.5 cents per mile
- Medical or Moving mileage 23.5 cents per mile
- Charitable mileage 14 cents per mile.
- The employee FICA portion of tax is 4.2% (0.042) on the first $106,800 earned
- The employer FICA tax remains at 6.2% (0.062) on the first $ 106,800 earned
- Medicare portion of tax is 1.45% (0.0145) with no limit
Mileage rates July 1 – December 31, 2011
2011 Social Security tax rates and wage limits
(maximum tax = $ 4,485.60)
(maximum tax = $ 6,621.60)
(all wages are taxed).
Federal Minimum Wage
Remains at $ 7.25 per hour as of December 31, 2009.
North Carolina’s minimum wage is the same as federal. Some states have their own rate (check with the state Department of Labor).
Some types of pay (i.e. tipped employees) are exempt or have special rules.
