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Frequently Asked
Questions
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| Q: | What are the FICA limits for 2009 and 2010? | |||
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A:
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For
2009 the FICA limit is $106,800; for 2010 it remains at $106,800.
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| Q: | What are the standard mileage rates for 2009 and 2010? | |||
| A: | In cents per mile, | 2009 | 2010 | |
| Business: | 55.0 | 50.0 | ||
| Charitable: | 14.0 | 14.0 | ||
| Moving/Medical: | 24.0 | 16.5 | ||
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| Q: | What is my tax rate? Listed below are marginal tax rates (step rates). Therefore, if you are single and make $50,000 in taxable income, your tax rate is 25% for each additional dollar made | |||
| A: | 2009 Marginal rates: | Single | Head of Household | Married |
| 10% | $8,350 | $11,950 | $16,700 | |
| 15% | $33,950 | $45,500 | $67,900 | |
| 25% | $82,250 | $117,450 | $137,050 | |
| 28% | $171,550 | $190,200 | $208,850 | |
| 33% | $372,950 | $372,950 | $372,950 | |
| 35% | $372,950+ | $372,950+ | $372,950+ | |
| 2010 Marginal rates: | Single | Head of Household | Married | |
| 10% | $8,375 | $11,950 | $16,750 | |
| 15% | $34,000 | $45,550 | $68,000 | |
| 25% | $82,400 | $117,650 | $137,300 | |
| 28% | $171,850 | $190,550 | $209,250 | |
| 33% | $373,650 | $373,650 | $373,650 | |
| 35% | $373,650+ | $373,650+ | $373,650+ | |
| Q: | What are the standard deductions for 2009 and 2010 | |||
| A: | Single | Head of Household | Married | |
| 2009 | $5,700 | $8,350 | $11,400 | |
| add-on for blind/over-65 | $1,400 | $1,400 | $1,100 | |
| 2010 | $5,700 | $8,400 | $11,400 | |
| add-on for blind/over-65 | $1,400 | $1,400 | $1,100 | |
| Q: | What are the personal exemption amounts for 2009 and 2010? | |||
| A: | 2009 | $3,650 | ||
| 2010 | $3,650 | |||
Amy R. Cook, PC
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512.419.9696 / 512.233.1085 fax
amy@acookcpa.com
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