 |
Reference Guide
| |
2007 |
|
2008 |
|---|
Standard Mileage Rates:
|
|---|
| Business Travel: | |
48.5¢ |
|
50.5¢ |
| Medical and Moving Travel: | |
20¢ |
|
19¢ |
| Charitable Travel: | |
14¢ |
|
14¢ |
|
Standard Deductions:
|
|---|
| Single: | $ |
5,350 |
| $ |
5,450 |
| Married: | $ |
10,700 |
| $ |
10,920 |
| Head of Household: | $ |
7,850 |
| $ |
8,000 |
Social Security:
|
|---|
| Wage Base | $ |
97,500 |
| $ |
102,000 |
| Medicare Part B Base Premium | $ |
93.50 |
| $ |
96.40 |
Other Amounts:
|
|---|
| Estate Tax Exemption: | $ |
2,000,000 |
| $ |
2,000,000 |
| Annual Gift Exclusion: | $ |
12,000 |
| $ |
12,000 |
| 401(k) Maximum Payin: | $ |
15,500 |
| $ |
15,000 |
| 401(k) "Catch Up" Payin: |
$ |
5,000 | | $ |
5,000 |
|
SIMPLE Retirement Accounts :
|
$ |
10,500 |
|
$ |
10,500 |
| Personal Exemption: |
$ |
3,400 |
|
$ |
3,500 |
Amount of money that you can earn before your Social Security Benefits get reduced:
|
|---|
| Full Retirement Age (FRA): | |
65 yrs 10 mo | | |
66 yrs |
| Age 62 thru FRA: | $ |
12,960 | | $ |
13,560 |
| In the year you reach FRA up to the month you reach FRA: | $ |
33,440 | | $ |
36,120 |
| Over FRA: | | No Limit | | | No Limit |
Hiring of New Employees
When you hire a new employee, you must remit a copy of Form W-4 (visit our
Forms page for a copy) to New York State
within 15 days of the date of hire. This can be done by either fax or mail to:
By Fax: 518-463-4514
By Mail:
New York State Department of Taxation and Finance
New Hire Notification
P.O. Box 15119
Albany, NY 12212-5119
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