Standard Deductions 2012 2011 Joint or Qualifying Widow(er) $11,900 $11,600 Single 5,950 5,800 Head of Household 8,700 8,500 Married Filing Separately 5,950 5,800 Addt. for Elderly/Blind-Married 1,150 1,150 Addt. for Elderly/Blind-Unmarried or Head of Household 1,450 1,450 Taxpayer Claimed as Dependent 950 950 Exemption Deduction Personal/Dependent $3,700 $3,700 FICA/SE Tax Information OASDI Tax Maximum Earnings 110,100 106,800 FICA (OASDI and HI) Tax Rate (Employee) 5.65% 7.65% SE Tax Rate 13.30% 13.30% Maximum Deductible 401(k)/403(b) Employee Contribution 17,000 16,500 Catch-up 401k for 50 and above 5,000 5,000  Simple IRA Contribution 11,500 11,500 Catch-up Simple IRA for 50 and above 2,500 2,500 Self-Employed Health Insurance Deduction 100% 100% Earnings Ceiling for Social Security Between Ages 62 and 66 (for 2010 & 2011) $14,640 $14,160 Age 66-69 Unlimited Unlimited Age 70 and Above Unlimited Unlimited Mileage Rates Business .555 Businesses 1/1/11-6/30/11   $.50 Businesses 7/1/11-12/31/11   $.555 Charitable .14 .14 Medical .235 Medical 1/1/11-6/30/11   .19 Medical 7/1/11-12/31/11   $.235 Moving .235 Moving 1/1/11-6/30/11   .19 Moving 7/1/11-12/31/11   $.235 Sec. 179 Deduction 139,000 500,000 *Represents unofficial estimates at this time. The Internal Revenue Service and other agencies will announce the official inflation adjusted figures around the end of this year. Welcome, Company, Newsletter, Contact Us, Quick Facts, Calendar, Links, Calculators, File Retention, Planning Tool