2011 Tax Brackets
Tax Bracket
Single
Married Filing Jointly
Head of Household
10% Bracket
$0 – $8,500
$0 – $17,000
$0 – $12,150
15% Bracket
$8,500 – $34,500
$17,000 – $69,000
$12,150 – $46,250
25% Bracket
$34,500 – $83,600
$69,000 – $139,350
$46,250 – $119,400
28% Bracket
$83,600 – $174,400
$139,350 – $212,300
$119,400 – $193,350
33% Bracket
$174,400 – $379,150
$212,300 – $379,150
$193,350 – $379,150
35% Bracket
$379,150+
$379,150+
$379,150+
IRS Mileage Rates
Applicable Period
Rates (in cents per mile)
Source
July 1 - December 31, 2011
Business
55.5
Charitable
14
Medical and moving
23.5
IR-2011-69
January 1 - June 30, 2011
Business
51
Charitable
14
Medical and moving
19
IR-2010-119
2010
Business
50
Charitable
14
Medical and moving
16.5
IR-2009-111
Day Care Providers Standard Meal Rates
The standard meal allowance rate for 2011 for the continental US is:
$1.19 breakfast,
$2.22 lunch/supper
and $.66 snack.
College Savings Iowa 2011 Deduction $2,865
Earnings are fully exempt from Iowa state income tax. In addition, withdrawals are exempt from Iowa state income tax when used for qualified higher-education expenses. Iowa taxpayers can deduct up to $2,865 in contributions per beneficiary account from their adjusted gross income for 2011. So for example, a married couple with two children contributing to separate accounts can deduct up to $11,460 (that's 4 x $2,865) in 2011.
|
Traditional IRA Contribution Limits and Roth IRA Contribution Limits |
2010/2011 |
|
Up to age 50 |
$5,000 |
|
Catch-Up Contributions Age 50+ |
$1,000 |
|
Total Contribution if Over the Age 50+ |
$6,000 |
|
You can contribute up to 100% of your compensation or a maximum of $5,000 ($6,000 if 50 and over). |
|
|
Roth IRA Contribution Limits MAGI Phase-Out Ranges |
2010 |
2011 |
|
Single Individuals |
$105,000 - $120,000 |
$107,000 - $122,000 |
|
Married, Filing a Joint Tax Return |
$167,000 - $177,000 |
$169,000 - $179,000 |
|
Married, Filing Separate Tax Returns |
$0 - $10,000 |
$0 - $10,000 |
|
Traditional IRA Modified Adjusted Gross Income Limits |
2010 |
2011 |
|
Single Active Participant |
$56,000 - $66,000 |
$56,000 - $66,000 |
|
Married Active Participant, Filing Joint Tax Return |
$89,000 - $109,000 |
$90,000 - $110,000 |
|
Married Active Participant, Filing Separate Tax Return |
$0 - $10,000 |
$0 - $10,000 |
|
Spouse of an Active Participant |
$167,000 - $177,000 |
$169,000 - $179,000 |
|
SEP IRA Contribution Limits |
2010/2011 |
|
SEP Employer Contribution Limits |
Up to 25% of compensation, with a maximum of $49,000* |
|
SIMPLE IRA Contribution Limits SIMPLE 401(k) Contribution Limits |
2010/2011 |
|
Employee Elective Deferrals |
Up to $11,500 |
|
Catch-Up Elective Deferral Contribution Age 50+ |
$2,500* |
|
Your employer can elect from two different contribution methods. Check with your employer which option they have chosen. Employer contributions are in addition to your elective deferrals. |
|
|
Individual (k) Plan and Individual Roth IRA |
2010/2011 |
|
Employer Contributions |
Up to $49,000 |
|
Employee Elective Deferrals |
Up to $16,500 |
|
Catch-Up Elective Deferral Contribution Age 50+ |
Up to $5,500 |
|
The employer can contribute up to 25% of your compensation up to a maximum of $49,000. Employer contributions and employee elective deferrals in aggregate may not exceed $49,000. Compensation limits and deductibility apply so contact your employer for further information. |
|
|
Coverdell ESA Contribution Limits |
2010/2011 |
|
Per year until the child is age 18, unless the child has special needs. |
$2,000* |
|
Health Savings Accounts
|
2010 |
2011 |
|
High Deductible Health Plans - Deductibles/Out of Pocket Limits |
||
|
Single Coverage - Minimum/Maximum |
$1,200/$5,950 |
$1,200/$5,950 |
|
Family Coverage - Minimum/Maximum |
$2,400/$11,900 |
$2,400/$11,900 |
|
Health Savings Account Contribution Limits |
||
|
Single Coverage |
$3,050 |
$3,050 |
|
Family Coverage |
$6,150 |
$6,150 |
|
Plus $1,000 catch-up contribution if you are age 55+. |
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