Source: http://www.jdsupra.com/post/documentViewer.aspx?fid=c6edcf8c-0226-4baf-a3bd-1886cf54c241
Timestamp: 2017-01-19 08:16:51
Document Index: 195681749

Matched Legal Cases: ['§401', '§403', '§457', '§401', '§403', '§457', '§415', '§1250']

Tax Benefits Update Card 2008 | Young Conaway Stargatt & Taylor, LLP - JDSupra
Tax Benefits Update Card 2008
This is the Tax Benefits Update Card for 2008 from Young, Conaway, Stargatt & Taylor, LLP
Download PDF Benefits Update 2008 b) elective deferral limit Contribution (401(k), Catch-up Contribution elective deferral limit of highly-compensated employee (HCE) determination Minimum to HSA* at age contribution Premium Participant Premium (% of unfunded liability) ONE OF OUR ATTORNEYS WWW.YOUNGCONAWAY.BUI LDING 1000 WEST STREET WI LMINGTON, Benefits Benefit Nicholson J. Popper R. Douglas T. 5,000 2,850 5,650 and Benefits are used in conjunction with “high deductible health plans.” for individual the deductible with of $3,850. For coverage, deductible range is an out-of-pocket $7,050. YOUNG CONAWAY STARGAT & TAYI.oR, T T P Tax, Trust & Estates, and Benefits Section Update 2008 2008 2007 Contributions and Benefts §401(k), §403(b) and §457(b) elective deferral limit $15,500 $15,500 IRA Contribution $5,000 $4,000 Catch-up deferrals (§401(k), §403(b), §457(b) plans) $5,000 $ 5,000 IRA Catch-up Contribution $1,000 $1,000 SIMPLE elective deferral limit $10,500 $10,500 Definition of highly-compensated employee (HCE) $105,000 $100,000 Annual Compensation limit for benefit purposes $230,000 $225,000 Annual Compensation limit for key employee determination $150,000 $145,000 SEP Minimum Compensation $500 $500 Maximum Contribution to HSA* Single coverage $2,900 $ 2,850 Family coverage $5,800 $ 5,650 Code §415 Maximums Defined benefit plan limit at age 62: Annual amount $185,000 $180,000 Defined contribution plan limit: Annual amount $46,000 $45,000 Percent of pay 100% 100% Pension Benefit Guaranty Corporation Maximum guaranteed annual benefit (single employer plans) $51,750.00 $49,500.00 Fixed Rate Premium Per Participant $33 $31 Variable Rate Premium (% of unfunded liability) .9% .9% *HSAs are used in conjunction with "high deductible health plans. For 2008, for individual coverage, the deductible must range from $1,950 to $2,900 with an out-of-pocket maximum of $3,850. For family coverage, the deductible range is $3,850 to $5,800 with an out-of-pocket maximum of $7,050. FOR MORE INFORMATION, CONTACT ONE OF OUR ATTORNEYS OR VISIT OUR WEBSITE: WWW.YOUNGCONAWAY.COM Joseph M. Nicholson jnicholson@ycst.com Richard J.A. Popper rpopper@ycst.com Jerome K. Grossman jgrossman@ycst.com Jennifer R. Noel jnoel@ycst.com Robert L. Thomas rthomas@ycst.com DouglasT.Coats dcoats@ycst.com Timothy J. Snyder tsnyder@ycst.com Admitted in Maryland only THE BRANDYWINE BUILDING • 1000 WEST STREET • WILMINGTON, DE 19801 • (302) 571-6600 Document hosted at http://www.jdsupra.com/post/documentViewer.aspx?fid=c6edcf8c-0226-4baf-a3bd-1886cf54c241Social Security tax 6.20% 1.45% taxable $102,000 unlimited of living 2.3% T a x U p d a t e 2 0 0 8 Taxable Income Brackets 15% 25% of Household 0 to $112,651 to $182,400 Married Filing Jointly $0 to $16,050 $16,051 to $65,100 $65,101 to $131,450 $131,451 to $200,300 $200,301 to $357,700 Over $357,700 Married Filing Separately $0 to $8,025 $8,026 to $32,550 $32,551 to $65,725 $65,726 to $100,150 $100,151 to $178,850 Over $178,850 Qualified Small Business regularly taxed at less Maximum Capital Gain Rate 28% 28% 25% 15% 5% Standard Deduction Amounts $5,450 $10,900 Greater of $900 or $300 plus earned income $1,350 $1,050 $8,000 Threshold for Phase Out for Dependency Deductions (married filing jointly) Threshold for Phase Out for Itemized Deductions (married filing jointly) $3,500 $239,950 $159,950 Estate and Gift Taxes Exemption Tax $2,000,000 $1,000,000 $12,000 per month) (per month) Qualified Transportation Benefit $220 $115 50.5¢ per mile x U p d a t e OASDI tax rate Medicare tax rate OASDI taxable wage base Medicare taxable wage base Cost of living adjustment for benefits Rate Single Head of HouseholdMarried Filing JointlyMarried Filing Separately 10% $0 to $8,025 $ 0 to $11,450 $8,026 to $32,550 $11,451 to $43,650 $32,551 to $78,850 $43,651 to $112,650 28% $78,851 to $164,550 33% $164,551 to $357,700 $182,401 to $357,700 35% Over $357,700 Over $357,700 Capital Gains/Qualified Dividends Capital Gain Collectibles Qualifed Small Business Stock Unrecaptured §1250 Gain 25% Other Gain and dividends regularly taxed at 25% or higher Other gain and dividends regularly taxed at less than 25% Deduction Single Married Filing Jointly Dependent Individual plus earned Aged and Blind Single (not surviving spouse) Married Head of Household Taxes Estate Tax Exemption Lifetime Gift Tax Exemption Annual Gift Tax Exclusion Miscellaneous Tax Related Items Dependency Deduction Out for Dependency Deductions (married filing Out for Itemized Deductions (married fling Parking (per month) Transit Pass (per month) Mileage Rate 50.5( Document hosted at http://www.jdsupra.com/post/documentViewer.aspx?fid=c6edcf8c-0226-4baf-a3bd-1886cf54c241