Komorsky, Mason, Rothstein & Associates, CPA/LLP

Tax Resources

Key Figures

Sales Tax Rates
Effective as of December 2008

County or Locality	Tax Rate
Albany	8%
Allegany	8.50%
Bronx	8.375%
Brooklyn	8.375%
Broome	8%
Cattaraugus -- except	8%
Olean (city)	8%
Salamanca (city)	8%
Cayuga -- except	8%
Auburn (city)	8%
Chautauqua	8.25%
Chemung	8%
Chenango -- except	8%
Norwich (city)	8%
Clinton	7.75%
Columbia	8%
Cortland	8%
Delaware	8%
Dutchess	8.125%
Erie	8%
Essex	7.75%
Franklin	7%
Fulton --- except	7%
Gloversville (city)	7%
Johnstown (city)	7%
Genesee	8%
Greene	8%
Hamilton	7%
Herkimer	8%
Jefferson	7.75%
Kings (Brooklyn)	8.375%
Lewis	7.75%
Livingston	8%
Madison -- except	8%
Oneida (city)	8%
Manhattan	8.375%
Monroe	8%
Montgomery	8%
Nassau	8.625%
New York City	8.375%
Niagara	8%
Oneida --- except	9.50%
Rome (city)	9.50%
Sherrill (city)	9.50%
Utica (city)	9.50%
Onondaga	8%
Ontario -- except	7%
Canandaigua (city)	7%
Geneva (city)	7%
Orange	8.125%
Oswego --- except	8%
Fulton (city)	8%
Oswego (city)	8%
Otsego	8%
Putnam	7.375%
Queens	8.375%
Rensselaer	8%
Richmond (Staten Island)	8.375%
Rockland	8%
St. Lawrence	7%
Saratoga -- except	7%
Saratoga Springs (city)	7%
Schenectady	8%
Schoharie	8%
Schuyler	8%
Seneca	8%
Staten Island	8.375%
Steuben -- except	8%
Corning (city)	8%
Hornell (city)	8%
Suffolk	8.625%
Sullivan	7.5%
Tioga	8%
Tompkins -- except	8%
Ithaca (city)	8%
Ulster	8%
Warren -- except	7%
Glens Falls (city)	7%
Washington	7%
Wayne	8%
Westchester -- except	7.375%
Mount Vernon (city)	8.375%
New Rochelle (city)	8.375%
White Plains (city)	7.875%
Yonkers (city)	8.375%
Wyoming	8%
Yates	8%

STANDARD DEDUCTIONS

Married, Filing Joint Return	$10,900
Surviving Spouse	$10,900
Head of Household	$8,000
Unmarried (not S.S. or H.H.)	$5,450
Married, Filing Separate Return	$5,450
Dependent Standard Deduction (Minimum)	$900
Additional Amount for Blindness or Age	$1,050
Additional Amount as Above if Unmarried and not S.S.	$1,350

EXEMPTIONS

Personal and Dependent Amount	$3,500
Estate Amount	$600
Simple Trust Amount	$300
Complex Trust Amount	$100
Qualified Disability Trust Amount	$3500
Joint Returns or Surviving Spouse (Phaseout starts)	$239,950
Head of Household (Phaseout starts)	$199,950
Unmarried (not S.S. or H.H.) (Phaseout starts)	$159,950
Married, Filing Separate Return (Phaseout starts)	$119,975

ITEMIZED DEDUCTIONS

Married, Filing Separate Return (Phaseout starts)	$79,975
Others (Phaseout starts)	$159,950
Casualty Loss (AGI Threshold)	10%
Medical Deduction (AGI Threshold)	7.5%
Miscellaneous Itemized (AGI Deduction Floor)	2%

RETIREMENT/PENSION PLANS

Maximum Annual Benefit for Defined Benefit Plan	$185,000
Maximum Annual Contribution for Defined Contribution Plan	$46,000
Highly Compensated Employee Definition (In general)	$105,000
SEP Deminimis Compensation Amount	$500
SEP Nondiscrimination Compensation Amount	$230,000
401(k) Maximum Compensation Amount	$230,000
401(k) Maximum Exclusion (In general)	$15,500
IRA Deduction Limit (In general)	$5,000
SIMPLE Contribution Limit	$10,500
Catch-up Contributions (Extra amount for taxpayers over age 49):
Traditional and Roth IRAs	$1000
SIMPLEs	$2,500
401(k), 403(b) and 457 Plans	$5,000
Savings Tax Credit (Maximum)	$1,000
Employer's Start-up Tax Credit (For establishing retirement plan)	$500

ADJUSTED NET CAPITAL GAIN (ASSETS HELD MORE THAN 12 MONTHS)

General Rate	15%
Low Rate: (Taxpayers in 10% or 15% bracket)	0%
High Rate: Collectibles (coins, art, antiques)	28%
Recaptured gain on real estate (Sec. 1250 gain)	25%
Dividends, qualified (General rate)	15%
Dividends, qualified (Taxpayers in 10% or 15% bracket)	0%

ESTATE AND GIFT TAXES

Estate Tax Credit Shelter Amount	$2,000,000
Gift Tax Credit Shelter Amount	$1,000,000
Annual Gift Tax Exclusion Amount (Per donee)	$12,000
Estate/Gift Tax Rate (Before phaseout)	45%

PAYROLL TAXES

Soc. Sec. (Self-employed) Combined Rate (OASDI+Medicare)	15.3%
Soc. Sec. (Employer or Employee) Rate (OASDI+Medicare)	7.65%
OASDI Maximum Base	$102,200
Medicare Rate	2.9%
FUTA Rate	6.2%
FUTA Wage Base	$7,000
Nanny Tax Threshold	$1,600

EDUCATION PROVISIONS

Hope Scholarship Credit	$1,800
Lifetime Learning Credit	$2,000
Coverdell Education Savings Account Contribution	$2,000
Student Loan Interest Deduction	$2,500
U.S. Savings Bond Interest Exclusion (Phaseout starts)
Married, filing joint return	$100,650
Single, S.S. or H.H.	$67,100
Married, filing separate return	No exclusion

TRANSPORTATION

Fringe Benefit: Employer-provided passes and vehicles	$115mo.
Fringe Benefit: Qualified parking limit	$220/mo.
Business Mileage Rate	50.5¢
Charitable Mileage Rate	14¢
Medical and Moving Mileage Rate	20¢
Depreciation Component of Standard Mileage Rate	19¢
High Cost Per Diem Travel Rate (after 9/30/07)	$237
Low Cost Per Diem Travel Rate (after 9/30/07)	$152

LONG-TERM CARE INSURANCE

Premium Limits
Age 40 or less	$310
More than 40, but not more than 50	$580
More than 50, but not more than 60	$1,150
More than 60, but not more than 70	$3,080
More than 70	$3,850

2009 PAYROLL TAX UPDATE

Minimum Wage
Federal	$6.55

FICA/SOCIAL SECURITY
Maximum Earnings (up from $102,000 in 2008)	$106,800
Employee/Employer Percentage	6.20%
Maxium Deduction (up from $6,324 in 2008)	$6,621.60
Self-Employment Tax	12.4%

FICA/MEDICARE
Maximum Earnings	No Limit
Employee/Employer Percentage	1.45%
Maxium Deduction	No Limit
Self Employment Tax	2.9%

FUTA/EMPLOYER-PAID
Maximum Earnings	$7,000
Percent of Taxable Wages	6.2%
Maximum Credit	5.4%
Normal Net Tax	.8%

Elective Deferral Limits for Qualified Retirement Plans
Retirement Plan	Elective Deferral Limits
401 (k)	$15,500
403 (b)	$15,500
457	$15,500
SIMPLE-IRA	$10,500
Catch-up-401(k)	$5,000

New Jersey
SUI/SDI
Taxable Wage Base (up from $27,700 in 2008)	$28,900
Maximum Employee Deduction (up from $117.72 in 2008)	$122.82
Employer Tax Rates	.3% - .54%
SUI	.4%-5.4%
SDI	.10%-.75%
New Employer Tax Rate	Fixed
SUI	2.8%
SDI	.5%

New York
SUI
Taxable Wage Base	$8,500
Employee Percentage	None
Employer Tax Rates	1.5% - 9.9%
New Employer Tax Rate*	4.1 %
SDI
Employee Percentage
(Not more than $.60 per week)	.5%

TAXABLE INCOME

Married Filing Jointly (& Surviving Spouse)

2008 Taxable Income	Tax Rate	2007 Taxable Income	Tax Rate
$0-$16,050	10%	$0-$15,650	10%
$16,050-$65,100	15%	$15,650-$63,700	15%
$65,100-$131,450	25%	$63,700-$128,500	25%
$131,450-$200,300	28%	$128,500-$195,850	28%
$200,300-$357,700	33%	$195,850-$349,700	33%
$357,700 +	35%	$349,700 +	35%

Married Filing Separately

2008 Taxable Income	Tax Rate	2007 Taxable Income	Tax Rate
$0-$8,025	10%	$0-$7,825	10%
$8,025-$32,550	15%	$7,825-$31,850	15%
$32,550-$65,725	25%	$31,850-$64,250	25%
$65,725-$100,150	28%	$64,250-$97,925	28%
$100,150-$178,850	33%	$97,925-$174,850	33%
$178,850 +	35%	$174,850 +	35%

Single Filers

2008 Taxable Income	Tax Rate	2007 Taxable Income	Tax Rate
$0-$8,025	10%	$0-$7,825	10%
$8,025-$32,550	15%	$7,825-$31,850	15%
$32,550-$78,850	25%	$31,850-$77,100	25%
$78,850-$164,550	28%	$77,100-$160,850	28%
$164,550-$357,700	33%	$160,850-$349,700	33%
$357,700 +	35%	$349,700 +	35%

Head of Household

2008 Taxable Income	Tax Rate	2007 Taxable Income	Tax Rate
$0-$11,450	10%	$0-$11,200	10%
$11,450-$43,650	15%	$11,200-$42,650	15%
$43,650-$112,650	25%	$31,850-$77,100	25%
$112,650-$182,400	28%	$110,100-$178,350	28%
$182,400-$357,700	33%	$178,350-$349,700	33%
$357,700 +	35%	$349,700 +	35%

Standard Deduction Amounts

Filing Status	2008	2007	Increase
Married Filing Jointly (& Surviving Spouse)	$10,900	$10,700	$200
Married Filing Separately	$5,450	$5,350	$100
Single	$5,450	$5,350	$100
Head of Household	$8,000	$7,850	$150

Standard Deduction for Dependents ("Kiddie" Standard Deduction)

2008	2007	Increase
$900	$850	$50

Income Level At Which 3-Percent Itemized
Deduction Limitation Takes Effect
Adjusted Gross Income)

Filing Status	2008	2007	Increase
Married Filing Jointly (& Surviving Spouse)	$159,950	$156,400	$3,550
Married Filing Separately	$79,975	$78,200	$1,775
Single	$159,950	$156,400	$3,550
Head of Household	$159,950	$156,400	$3,550

Personal Exemption Amounts

2008	2007	Increase
$3,500	$3,400	$100

Threshold for Personal Exemption Phaseout

Filing Status	2008	2007	Increase
Married Filing Jointly (& Surviving Spouse)	$239,950	$234,600	$5,350
Married Filing Separately	$119,975	$117,300	$2,675
Single	$159,950	$156,400	$3,550
Head of Household	$199,950	$195,500	$4,450

Gift Tax Exemption

2008	2007	Increase
$12,000	$12,000	$0

Income Limit for Full Roth IRA contribution

Filing Status	2008	2007	Increase
Married Filing Jointly	$159,000	$156,000	$3,000
Single	$101,000	$99,000	$2,000