Key Numbers

 

RETIREMENT PLANS

2009

2008

2007

2006

Annual Additions – Defined Contribution

49,000

46,000

45,000

44,000

Defined Benefit Limit Annual Benefits

195,000

185,000

180,000

175,000

Maximum Covered Compensation

245,000

230,000

225,000

220,000

401(k) Elective Deferrals

16,500

15,500

15,500

15,000

401(k) Catch-up Contributions

5,500

5,000

5,000

5,000

SIMPLE Deferrals

11,500

10,500

10,500

10,000

SIMPLE Catch-up

2,500

2,500

2,500

2,500

IRA Contribution

5,500

5,000

4,000

4,000

IRA Catch-up

1,000

1,000

1,000

1,000

Highly Compensated Employee

110,000

105,000

100,000

100,000

Key Employee

160,000

150,000

145,000

140,000

 

 

 

 

 

 

 

 

 

 

HEALTH SAVINGS ACCOUNTS

 

 

 

 

 

 

 

 

 

HSA Contribution Limit – individual

3,000

2,900

2,850

2,700

HSA Contribution Limit – family

5,950

5,800

5,650

5,000

HSA Catch-up Limits

1,000

900

800

700

HSA Max out of pocket – individual

5,800

5,600

5,500

5,250

HSA Max out of pocket – family

11,600

11,200

11,000

10,500

 

 

 

 

 

ESTATE AND GIFT TAX

 

 

 

 

 

 

 

 

 

Annual Gift Tax Exclusion

13,000

12,000

12,000

12,000

Applicable Credit Exemption Equivalent

3,500,000

2,000,000

2,000,000

2,000,000

Generation Skipping Tax Exemption

3,500,000

2,000,000

2,000,000

2,000,000

Lifetime Gift Exemption Equivalent

1,000,000

1,000,000

1,000,000

1,000,000

 

 

 

 

 

FOREIGN EARNED INCOME EXCLUSION

91,400

87,600

85,700

82,400

 

 

 

 

 

KIDDIE TAX (reduced tax on unearned income up to limits; excess of limits taxed at parents rate)

1900

1800

1700

1700

 

 

 

 

 

SOCIAL SECURITY WAGE BASE

106,800

102,000

97,500

94,200

MILEAGE RATES (cents/mile)

 

 

 

 

 

January 1 – June 30

 

 

 

 

 

Business

55

50.5

48.5

44.5

Charitable

14

14

14

14

Medical and Moving

24

19

20

18

July 1 – December 31

 

 

 

 

 

Business

 

58.5

48.5

44.5

Charitable

 

14

14

14

Medical and Moving

 

19

20

18

 

 

 

 

 

 

 

 

 

 

                                            

© 2008 Parsonage Vandenack Williams LLC

For more information, contact info@pvwlaw.com

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