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ADP Advisor ®

Winter 2009 | Volume 20 No. 1

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Many key tax figures to remain the same in 2010

When it comes to tax rates, no news is sometimes … news. Because the Consumer Price Index through August 31, 2009 was lower than as of September 30, 2008, the 2010 limitations for several key tax figures will remain at their current levels. These figures include:

• The Social Security wage base (currently, $106,800)
• 401(k) plan elective deferral exclusion limit (currently, $16,500)
• Qualified transportation fringe benefit exclusion (currently, $230 a month for qualified parking expenses, and $230 a month for the combined value of transit passes and transportation in a commuter highway vehicle)
• The 2010 Medicare employee and employer tax rates will remain at 1.45% each.