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Revised Tax Facts 2011

Standard Mileage Rates changed as of 7/1/11.

July 2011
Federal Rates and Limits Tax Year 2011
Social Security (OASDI) Wage Base $106,800  
Medicare (HI) Wage Base no limit  
Employee Social Security (OASDI) Percentage 4.20%  
Employer Social Security (OASDI) Percentage 6.20%  
Medicare (HI) Percentage 1.45%  
Maximum Medicare (HI) Withholding no limit  
Maximum Amount of Earnings to Still Receive Full Benefits Under Full Retirement Age $14,160  
Amount of AGI Causing SS Benefits to be Taxable (85%)    
Married/Filing Jointly $44,000  
Single $34,000  
Federal Minimum Wage (FLSA employers are required to follow federal minimum wage rules when the state minimum wage is less than the federal minimum wage) $7.25  
Mileage Rates Effective
Business $0.51 $0.555
Medical $0.19 $0.235
Moving $0.19 $0.235
Charitable $0.14 $0.140
Retirement Contributions    
Maximum Elective Deferral to 401(k) and 403(b) $16,500  
Maximum Elective Deferral to SIMPLE IRA Plans $11,500  
Maximum Annual Contribution to Defined Contribution Plans $49,000  
Maximum Annual Contribution to Keough or SEP-IRS The lesser of 20% of W-2 or $49,000  
Maximum Annual Compensation Taken into Account for Contributions $245,000  
Threshold Amount for Definition of Highly Compensated Employees $110,000  
Threshold Amount for Definition of Key Employee in Top-Heavy Plans $160,000  
Catch-Up Contribution Limits    
Individuals who will be at least age  50 by the end of the year can make catch-up contributions    
401(k) Plans $5,500  
SIMPLE Plans $2,500  
The materials created through August 2011 are when the professionals of Summit Financial were with Ogilvie Security Advisors Corp. The professionals of Summit Financial have not been with Ogilvie Security Advisors Corp. since August 31, 2011 and have no further affiliation with that organization.
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Securities and advisory services offered through Commonwealth Financial Network, Member and, a Registered Investment Adviser. Fixed insurance products and services, as well as benefits consulting and plan administration, offered by Summit Financial Corporation are separate and unrelated to Commonwealth. Fixed insurance products and services, as well as tax services, offered by Summit Financial Strategies, Inc. are separate and unrelated to Commonwealth. This communication is strictly intended for individuals residing in the states of AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, ME, MD, MA, MI, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, VT, VA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.