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Misc Rate Information

Depreciation Limitations
Standard Mileage Rates
Payroll Information

 

DEPRECIATION LIMITATIONS
     2017 2016 2015 2014 2013  
AFTER:    12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012  
BUT BEFORE:    1/1/2018 1/1/2017 1/1/2016 1/1/2015 1/1/2014  
                
LUXURY AUTOS               
(100% BUS. USE)               
YEAR OF DEDUCTION:            
     3,160/ 3,160/ 3,160/ 3,160/ 3,160/  
1st Tax Year    ***11,160 ***11,160 ***11,060 ***11,060 ***11,060  
2nd Tax Year    5,100 5,100 5,100 5,100 5,100  
3rd Tax Year    3,050 3,050 3,050 3,050 3,050  
Each Yr+    1,875 1,875 1,875 1,875 1,875  
             
TRUCKS AND VANS (including small SUVs) <6000 LBS          
(100% BUS. USE)               
YEAR OF DEDUCTION:               
     3,560/ 3,460/ 3,460/ 3,460/ 3,360/  
1st Tax Year    ***11,560 ***11,560 ***11,460 ***11,460 ***11,360  
2nd Tax Year    5,700 5,700 5,600 5,500 5,400  
3rd Tax Year    3,450 3,350 3,350 3,350 3,250  
Each Yr+    2,075 2,075 1,975 1,975 1,975  
*** 50% bonus/100% -1/1/08 to 12/31/14 (IA did not couple)        
                
     2017 2016 2015 2014 2013  
SEC 179 AMOUNTS:    510,000 500,000 500,000 500,000 500,000  
IA (if different)    25,000 25,000 n/a n/a n/a  
SUVs    25,000 25,000 25,000 25,000 25,000  
Phaseout Threshold    2,030,000 2,010,000 2,000,000 2,000,000 2,000,000  
IA Phaseout (if different)    200,000 200,000 n/a n/a n/a  
BONUS DEPR:    50% 50% 50% 100% * 50%  
                
IA coupled - bonus:    no no no no no  
                
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STANDARD MILEAGE RATES
                
     2017 2016 2015 2014 2013  
Medical     $0.17  $0.19  $0.23  $0.235  $0.24  
                
Moving Expense     $0.17  $0.19  $0.23  $0.235  $0.24  
                
Charitable - Federal     $0.14  $0.14  $0.14  $0.14  $0.14  
Charitable - Iowa         $0.39  $0.39  $0.39  
Business     $0.535  $0.54  $0.575 *0.56  $0.565  
                
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PAYROLL INFORMATION
     2017       2016  
FICA  SS only Med only SS & Med   SS only Med only SS & Med
Employee Withholding  6.20% 1.45% 7.65%   6.20% 1.45% 7.65%
Employer Match  6.20% 1.45% 7.65%   6.20% 1.45% 7.65%
Total Rate  12.40% 2.90% 15.30%   12.40% 2.90% 15.30%
                
Self-employed rate  12.40% 2.90% 15.30%   12.40% 2.90% 15.30%
                
Wages subject to tax:   
 
Social Security    Wages up to $ 127,200   Wages up to $ 118,000  
Medicare    All wages (no limit)     All wages (no limit)    
                
FUTA               
Maximum wages subject to tax      $7,000       $7,000
Net rate      0.6%       0.6%
                
SUTA - (Job Service)               
Maximum wages subject to tax   $29,300       $28,300
New employers - Non-construction   1.00%       1.00%
Construction      8.00%       8.00%
           
MAXIMUM RETIREMENT PLAN CONTRIBUTIONS
401(k) plans, 403(b) annuities, salary reduction SEP's    $18,000       $18,000
   If age 50 or over $24,000       $24,000  
SIMPLE plans       $12,500       $12,500
   If age 50 or over $15,500       $15,500  
TRADITIONAL IRA, ROTH IRA   $5,500       $5,500
   If age 50 or over $6,500       $6,500  
SEP, Profit Sharing Plan, Stock Bonus Plan (KEOGH)  $54,000       $53,000
                
SS BENEFITS               
Maximum earned income before SS benefits will be reduced:          
Below age 66       $16,920       $15,720
Age 66 (for months prior to attaining full retirement age)  $44,880*       $41,880**
Age 66 + (beginning the month full retirement age is attained) No Limit       No Limit
  * $3,740 per month for the months of the year before full retirement age is reached (66 years)
** $3,490 per month for the months of the year before full retirement age is reached (66 years)

                
MINIMUM WAGE
Federal (effective 7-24-09)   $7.25       $7.25
IA (effective 1-1-08)      $7.25       $7.25
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