2011 Tax Updates

Posted on 14. Jan, 2011 by in Misc. Articles

The 2011 standard mileage rates are as follows:

  • .51 cents a mile for business use
  • .19 cents a mile for medial or moving expenses
  • .14 cents a mile for charitable organizations

The 2011 social security wage base will remain at $106,800, unchanged from 2010. There is no limit on covered self-employment income that will be subject to Medicare tax. The self-employment tax rate remains 15.3% (combined social security tax rate of 12.4% and Medicare tax rate of 2.9%). The maximum social security tax for a self-employed individual will be $13,243.20, unchanged from 2010.

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