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49 Cards in this Set
- Front
- Back
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Social security Taxable wage base |
113,700 |
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Employer portion of Social Security |
6.2% |
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Employee Portion of Social Security |
6.2% |
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Self employed tax on Social Security |
12.4% |
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Medicare taxable wage base |
No Limit |
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employer tax portion of medicare |
1.45% |
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Employee tax portion of medicare |
1.45% |
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Self employed tax portion of medicare |
2.9% |
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Section 179 expenses |
500,000 |
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Section 179 expenses Phaseout |
2,000,000 |
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Bonus Depreciation |
up to 50% new asset placed in service in 2013 |
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Mileage Rate
Busines Miles |
56.5 |
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Mileage Rate
Medical or movine |
24 |
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Mileage Rate
Charitable Purposes |
14 |
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Maximum Exclusion for employer-provided transportation benefits
Parking benefits |
245/month |
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Maximum Exclusion for employer-provided transportation benefits
combined highway vehicle transportation and transit pass |
245/month |
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Limits on employee Deferral contributions to Defined Contribution and SIMPLE plan |
17,500 (+5,500 if over 50) |
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Limits on contribution to profit sharing and SEP plans |
51,000 |
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Max compensation for employer contributions to profit sharing plans |
255,000 |
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Combined estate and gift tax exclusion |
5,250,000 |
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GST Tax Exclusion |
5,250,000 |
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what form is used for a SP to file taxes |
1040 |
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What form is use to file profit and loss from self employment income |
Schedule C |
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What form is used to Report Self Employment tax |
Schedule SE |
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What form is used to file taxes for a C Corp |
Form 1120 |
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What form is used to file taxes for an LLC being treated as a partnership |
Form 1065 |
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What form is used to file taxes for an S Corp |
Form 1120S |
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What is sent to share holder of an S corp to show their Net Income/loss |
Schedule k-1 |
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What form is used for a Partnership to file its annual taxes |
Form 1065 |
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What form is sent to partners to show their net income/loss |
Schedule K-1 |
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What form is used to report a income or loss for farmers and fisherman |
Schedule F |
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What form is used to set up entity status with the IRS |
Form 8832 |
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What form is used to get tax exempt status |
Form 1023 |
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What form is used for a tax exempt for their annual taxes |
Form 990 |
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What form is used to get an EIN |
Form SS-4 |
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What form is used when a business receives more than $10,000 in cash for one transaction |
Form 8830 |
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FUTA tax Rate |
6% on first 7,000 |
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Credit amount for employer paying FUTA |
5.4% |
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Form filed to get FUTA tax credit |
Form 940 |
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Form used to change accounting method |
Form 3115 |
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what form is used to change a tax year |
Form 1128 |
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what form is used to change tax year from required tax year because of a business reason |
Form 1128 |
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What form is used to change tax year other then required tax year |
Form 8716
Section 444 |
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when accrual method is required
A Corporation with average annual gross receipts exceeding |
5 million |
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A partnership with a corporate partner with an annual gross receipts exceeding |
5 million |
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Any business using inventory with gross receipts above |
1 million |
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Filing date
individuals / Partnerships |
15th day of the 4th month |
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Filing date
Corporations |
15th day of the 3rd month |
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Filing date
Nonprofit entities |
15th day of the 5th month |
