 |
 |
 |
|
 |
|||
| Understanding the W2 Form Get an explanation of the W2 form. |
| EGTRRA Limits (Federal legislation that has a direct impact on your pension benefits) Exclusion for elective deferrals under IRS Section 402(g)(1) for 401(k) contributions is $15,500.00. For employees 50 or older in 2008, the catch-up provision is $5,000.00. |
| Payroll |
| The following information can be used to reference for important information about your personal income taxes, qualified transportation expenses, FICA limits, standard mileage rates, pension rates and W2 forms. |
| Personal Income Taxes |
| The 2008 standard deduction will be $5,450 for single taxpayers, $10,900 for married taxpayers filing jointly, $8,000 for heads of households. The supplemental wage taxation percentage is 25%. |
| Qualified Transportation Expenses |
IRS Section 132(f) limitations on excludable income for transportation fringe benefits that may be excluded from employee's income, federal employment taxes, FIT, FICA, & FUTA has been released for 2008. They are:
|
| FICA Limits |
| The Social Security wage base is $102,000 with the maximum $6,325 withheld for social security. The contribution rate is 6.2%. There is no Medicare wage base and the contribution rate is 1.45% |
| Standard Mileage Rates |
The IRS issued documentation giving the optional mileage rates for use in computing the deductible costs of operating an automobile for business and other purposes.
|
 |
 |