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| 2012 Tax Law Changes - Brief |
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| Written by Mike DiSabatino |
| Thursday, 05 January 2012 00:00 |
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* PAYROLL TAX CUT for employees extended through February 29, 2012. (Social security tax rate on wages up to $110,100 will be 4.2% rather than 6.2%.) * ADOPTION TAX CREDIT decreases to $12,650 for adoption of an eligible child. * SECTION 179 maximum deduction decreases to $139,000, with a phase-out threshold of $560,000. * STANDARD MILEAGE RATE for business driving remains at 55.5¢ a mile. Rate for medical and moving mileage decreases to 23¢ a mile. Rate for charitable driving remains at 14¢ a mile. * ESTATE TAX top rate remains at 35%, and the exemption amount increases to $5,120,000. The ANNUAL GIFT TAX EXCLUSION remains at $13,000. * 401(k) maximum salary deferral increases to $17,000 ($22,500 for 50 and older). * SIMPLE maximum salary deferral remains at $11,500 ($14,000 for 50 and older). * IRA contribution limit remains at $5,000 ($6,000 for 50 and older). * KIDDIE TAX threshold remains at $1,900 and applies up to age 19 (up to age 24 for full-time students). * NANNY TAX threshold increases to $1,800. * TRANSPORTATION FRINGE BENEFIT limit decreases to $125 for vehicle/transit passes and increases to $240 for qualified parking. * SOCIAL SECURITY taxable wage limit increases to $110,100. Retirees under full retirement age can earn * HSA CONTRIBUTION limit increases to $3,100 for individuals and to $6,250 for families. An additional |
| Last Updated on Thursday, 05 January 2012 11:57 |
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