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TurboTax Business
+ QuickBooks
+ Set-up Assistance
=
Save Money
Year after Year |
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Payroll tax Social Security Fica and Futa Limit
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Quicken
Deluxe
2009
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Buy
Now
$47.99
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Personal Finance made easy
Pay bills with checks or
online, create family budgets, download bank transactions,
track tax data, monitor net worth and asset allocation, plan
for retirement, college or new home, find hidden tax
deductions
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Quicken
Premier
2009
|
Buy
Now
$71.99
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Same great features as
Quicken Deluxe Plus
Analyze investments;
Investment tutorials; Tools to minimize capital gains tax;
Morningstar ratings on your funds; Generate schedule A, B, D
tax reports.
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Quicken
Premier
2009
Home & Business
for Schedule C filers |
Buy
Now
$79.99
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Same great features as
Quicken Deluxe and Quicken Premier Plus
Create & customize
estimates & invoices; generate business reports; track
mileage; track multiple jobs per customer; accounts receivable
reports; track accounts payable; guidance for starting &
running a business.
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Take control of your
finances!
Hidden Financial Risk
Understanding
Off-Balance Sheet Accounting
$27.17
Explains methods by debt is hidden and the failure by
management and auditors and investors to detect and eliminate
these tools of deception |
FICA Tax (941
Tax)
limit - Fica Limit
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Social Security tax includes FICA
6.2% and Medicare 1.45%. The FICA tax limit (Social Security)
changes annually. The Medicare tax has no limit. Employer FICA
tax and Employee FICA have the same limits. Both FICA tax rate
(6.2%) and Medicare tax rate (1.45%) as a rule do not change.
In addition to FICA tax limit and Social Security Limit, other tax
limits and tax rate (s) can be found on this webpage. |
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2003
Social Security Wage Base
limit
2004 Social Security Wage Base
limit
Medicare Wage Base limit
Top |
$ 87,000
$ 87,900
Unlimited |
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FUTA Tax (940)
limit |
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Federal Unemployment
limit |
$ 7,000 |
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Shortcuts, tips, resources for payroll taxes and human
resources |
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QuickBooks
Payroll
Top |
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For deducting or reimbursing
2003 business mileage
on a
personally owned vehicle |
| 2003 Mileage- Business rate |
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.36 cents per mile
(increases to
.375 in 2004) |
| 2003 Mileage -Charity rate |
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.14 cents per mile
(no change in 2004) |
| 2003 Milage -Medical and moving
rate |
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.12 cents per mile
(increases to
.14 in 2004) |
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Payroll tax rules for
employees or owners using a company vehicle |
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Top |
2003 Maximum contributions and limits to pensions
and 401 K
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2003 Maximum employee
401K contribution limit
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2003 $12,000 +$2,000
(over age 50)
2004 $13,000 +$3,000 (over age 50)
2005 $14,000 +$4,000 (over age 50)
2006 $15,000 +$5,000 (over age 50) |
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Catch up contribution
Limit
(over age 50)
Top |
$ 2,000
(included in above)
(increases to $3000 in 2004)
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2003 Maximum Annual
Compensation limits for determining benefits or contributions
under a qualified plan
(401(a)(17), 404(l), 408(k)(3)(C), &
408(k)(6)(D)
Top |
$200,000
(increase in 2004 to $205,000) |
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2003 Maximum Annual Defined Contribution-
Contributions you make for 2003 to an employee SEP-IRA cannot exceed
the lesser of 25% of the employee's W2 compensation
(limited to $200,000)
Special rules apply to the self-employed:
for a worksheet on how to calculate a 2003 SEP contribution for a
self employed Schedule C tax filer
click here: |
$ 40,000
(increases to $41,000 in 2004) |
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Simplified Employee Pension minimum compensation
Top |
$
450 |
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2003 Simple
Retirement Account (Simple IRA)
Maximum Pretax Employee contribution |
$ 8,000
+ over age 50 catch up
(2004 $ 9,000)
(2005 $10,000) |
Simple Catch up
Deferral (over age 50)
Top |
$ 1,000
(2004 $1,500)
(2005 $2,000)
(2006 $2,500) |
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2003 Limit to
Traditional IRA, nondeductible IRA, or Roth IRA..
Who can contribute |
$ 3,000 +
over age 50 catch up
(2004 $3,000)
(2005 $4,000) |
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IRA Catch up Deferral
(over age 50) |
$ 500 |
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Learn about small business pensions
Top |
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2003 Maximum Earnings for Retirees
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Maximum retirement earnings
before
Social Security benefits are reduced
(One dollar in benefits will be withheld for every $2 in earnings
above the limit).
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over age 65
under age 65 reduction begins |
unlimited earnings
permitted - no reduction
over
$ 11,520 ($960 / month)
(increases to $11,640 - $970 /month in 2004) |
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Top |
Minimum Wage hourly rates
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Link to a chart of all States Minimum Wage rates |
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Federal
minimum wage
Top |
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2003 Corporate tax rates |
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2003 Federal Income Tax Rates and Jobs and Growth tax act |
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State income tax rates |
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2003 Standard Deduction
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$4,750 2003 Standard
deduction for Single
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$4,750 2003 Standard
deduction for Married filing separately
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$7,000 2003 Standard
deduction for Head of household
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$9,500 2003 Standard
deduction for Married filing Joint
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New 2003 Individual Tax Rates |
10% |
15% |
25% |
28% |
33% |
35% |
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Single |
7,000
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next 21,950
to 27,950 |
next
39,750
to 67,700 |
next
73,550
to 141,250 |
next
165,800
to 307,050 |
amounts over
307,050 |
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Head Of Household |
10,000
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next 27,470
to 37,450 |
next
59,250
to 96,700 |
next
59,900
to 156,600 |
next
150,450
to 307,050 |
amounts over
307,050 |
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Married Joint |
14,000
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next 43,900
to 57,900
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next
54,950
to 112,850 |
next
59,100
to 171,950 |
next
135,100
to 307,050 |
amounts over
307,050 |
Top |
2003 Gift Tax
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2003 Federal gift tax exclusion
2003 Estate Tax Applicable Exclusion Amount
Top |
$11,000
(no change in 2004)
$1,000,000 |
Self Employed Health Insurance Deduction
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Deductible Percentage
for
2003 health insurance premiums
2003 100% (2002=70%)
Top |
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2003
Section 179 depreciation $100,000
see more
2003 regs now permit Section 179 on off-the-shelf
software
2003 Depreciation MACRS Tables
2003 Complete
depreciation guide
2003 Luxury Auto depreciation rules
Top |
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3 years from tax period due
date or 3 years from date original return received whichever is
later
See more Statute of Limitations guidelines
How long to keep business records |
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2004
rates and limits -
Social Security, Mileage, Pension, 401K, IRA
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