Why does a slight
tax increase cost you
two hundred dollars
and a substantial tax
cut save you thirty
cents?
~Peg Bracken
Kongs & Seib, P.A.
Certified Public Accountants
Rates, Figures and Other Miscellaneous Information
Standard business mileage rate: 55.5 cents per mile
Federal minimum wage: $7.25 (effective July 24, 2009)
For minimum wage rates by state: click here
IRA contributions: $5,000 (regular, subject to limits)
$1,000 (additional catch-up, must be 50
or older by the end of the year)
Annual gift tax exclusion: $13,000
Some Key Rates for 2012:
Record Keeping Information: